To comply means to adhere to prescribed rules. For businesses, it means being in line with regulatory requirements and adapting to any changes in the regulatory environment for their line of work. Failure to comply with the regulation can result in legal complexities for companies that can cost them dearly. Given the importance and complexity of the task, it becomes imperative for the senior management of companies to set a process for it. Organizing and planning this process and setting up checkpoints is known as Compliance Management.
Setting up a robust process for Compliance Management is important for a company both Internally Externally.
Internally, this process ensures that all employees are aware of the standards that they need to hold as they carry out their daily responsibilities. This ensures smooth functioning and helps keep operations transparent. It also brings efficiency to a business and ensures that all departments are working in unison towards maintaining compliance. Externally, Compliance Management ensures that the company is playing by the rules, failing which it may need to face penalties and public embarrassment resulting in damage to its goodwill.
Compliance Management can be approached in two ways:
- Rigid: This approach lays down the law and allows for extremely limited deviation from the process of Compliance Management. All violations of the process are dealt with strictly.
- Flexible: A flexible approach allows its adherents a wider room to operate in as they work toward Compliance Management. There are penalties for violations but they are applied only when someone is exceptionally out of line with the process of Compliance Management.
The choice of the approach lies with the management. For products and services or industries where workers’ or customers’ well-being and safety are at stake, the rigid approach needs to be applied. For contractual compliance which is open to interpretation, the flexible approach would be more suitable.
While choosing the right approach may not seem tedious, setting up and monitoring the process of Compliance Management may do so. Fortunately, there is a solution for that: Boston Financial Advisory Group and Avanze Tech Labsin a joint venture have launched COMPLIANCE iNBOX which is an intuitive global solution introduced by BA Fintech.
It covers all major laws and Acts and can quickly configure workflows, alerts, and tracking mechanisms. Its components automatically monitor regulation which applies to a business, organize required documentation, and conduct audits and assessments. It also manages issues and incidents and maintains proof of compliance. CiB intends to function as a seamless platform that helps businesses address their GRC (Governance, Risk, and Compliance) needs.
The product is easy to use and requires minimal training. Professionals who are responsible for Compliance Management in their companies can use it without the support of any IT staff. It ensures that businesses are always prepared for audits. These benefits can help a company save scarce resources of time and money.
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