Staying compliant is a never-ending battle. There are many internal and external Compliances that a company and its staff must uphold. With the business expansion, you would need to comply with more rules. There will be more threats to address and more security-related tasks. Because of the increasing complexity of the business, you are required to choose the best software to meet your Compliance responsibilities with ease and timely.
Complex Compliance Activities
Following are the activities that make Compliance complex:
- Incorporation complications
- Expansion internationally
- Government Rules and Regulations
- Municipal, State, and Federal Level Tax Regulations
- Digitalization Regimes to follow
- Scrutiny of companies’ Financial Reporting and Penalties due to lack of awareness on financial reporting regulations.
- Security control
- Documentation and preparing reports
- Developing and enforcing policies and procedures to ensure Compliance
A complex and evolving Compliance environment is difficult manually or through one or two APIs. You need to level up your Compliance Management System. There is a need for the CMS full-fledged tool.
Parameters to select a Compliance Management Software
Following is the parameter to choose the best Compliance Management Software (CMS) that can easily overlook rules and regulations to be followed and save you from the penalties against non-Compliance:
1. Prioritize your organization’s needs
You need to identify the issues you want to address using the Compliance Management System (CMS). It will help you choose the right solutions and Compliance tools.
2. Compliance specifications
Once you have identified the issues to be resolved using the software, list all the regulations and policies of your organization. Check what are Compliance requirements you need to adhere to. If the solution you got is for specific sectors like IT, healthcare, food, insurance,etc., check if it is compatible with your business or not. Better to choose a generic CMS that can be customized as per the organization’s needs like COMPLIANCE iNBOX.
3. Easy Reporting
Ensuring safety in a business is critical. Your ComplianceManagement Software should be sophisticated to diminish error possibilities like manual errors in the documentation and reporting.
4. Adequately Encrypted
Data encryption is one of the most important functions of a CMS. Encrypted data is unreadable and impossible to access without cryptographic code. Strong encryption is necessary to keep the company data safe.
5. Easy Integration
An easy interface helps to increase operational efficiency and enhance productivity in an organization. The goal of better productivity cannot be accomplished if you and your staff are stuck with software. Simplicity is the key. What you will do with cutting-edge tools in your software if you have to spend a lot of time to learn it and integrate it with your business operations.
Here is the solution that has unmatched features to meet your requirements – the COMPLIANCE iNBOX (CiB) by BA Fintech.
BA Fintech (a joint venture between Boston Financial Advisory Groupand Avanze Group) has an excellent product known as COMPLIANCE iNBOX (CiB). It is a Compliance Management software that integrates and streamlines the approach to Compliance Management. It promises timely and accurate compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various compliances and audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business.
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