Understanding Compliance Management Best Practices
Aug 04, 2023
In today’s evolving regulatory environment, managing compliance is critical to avoiding costly fines and unwanted security vulnerabilities. Compliance management includes the processes and technology a business uses to ensure compliance with regulations and laws.
As legacy compliance management systems and spreadsheets become increasingly outdated, organizations need a better way of meeting compliance requirements. Effective compliance management can reduce an organization’s risk level, increase operational efficiency, and help maintain a positive reputation.
In an evolving regulatory landscape, compliance management is key
Business leaders need to consider regulations set by various entities in any corporate environment. These include regulatory and industry standards, employee union regulations, and legal requirements from local, state, and federal governments. And since businesses are digitally transforming at a rapid pace, regulations around topics like data privacy are changing constantly.
Manually keeping track of spreadsheets is an error-prone and siloed approach. The compliance management process is much more multifaceted than it once was, involving more stakeholders and regulations than ever.
Failure to comply with relevant regulations can result in financial losses like fines, lawsuits, and business disruptions. Additionally, a lack of alignment between your compliance program and business practices can weaken your line of defense and increase your chance of risk.
Simplify compliance management with a risk management platform
From pollution control to labor laws, corporations need to comply with a wide array of regulations. Since manual data entry with spreadsheets is no longer efficient enough to keep pace with organizations’ compliance responsibilities, many businesses are turning to risk management software to improve compliance.
Let’s take a look at several ways a risk management platform can help your organization stay compliant:
Complete required forms in minutesA significant portion of compliance is filling out paperwork — tedious, yet necessary. A risk management platform with built-in compliance management features allows you to more efficiently complete and submit forms online with 100% compliance and accuracy.
Increase collaborationCompliance management shouldn’t fall on the chief compliance officer alone. With a risk management platform, your information is located in a centralized location for increased visibility across the organization. This comprehensive data approach enables every individual and team involved in compliance management to view and make strategic business decisions based on the same, accurate information (e.g., claims data).
Easily identify high-risk areasA risk management platform not only centralizes information but also unlocks actionable insights that can help you identify the root causes of high-risk areas and improve internal processes. For example, if you identify a pattern of cybersecurity issues, you can closely monitor your organization’s cybersecurity posture to ensure safe, compliant practices.
Ensure compliance or pay the price
Compliance management is an ongoing process that involves continuous risk assessments and countless business processes. Compliance reduces organizational risk and helps build trust with customers. And the price of noncompliance — both financial and reputational — is on the rise. While no risk management platform can ensure 100% compliance, a cohesive compliance management platform is an effective supplement to any compliance management strategy.
Learn more about how you can stay compliant with Aclaimant’s risk management platform.