Compliance Management is the process by which a company plan, organize, control and direct activities that ensures compliance with laws and standard. With the complexities of compliance across the globe, Management are faced with the problem of focusing on their core activities and compliance matters. The need for a Compliance Management System that will help in automating this role.
Compliance management system is an all-encompassing program that helps managers and administrators minimize risks and plan, monitor, and control activities that ensure compliance with binding regulatory standards as well as legal requirements related to health, environment, and safety. It applies to every functional area of a business, along with how they handle their employees and customers. A system can be created to ease this process through the use of a customise application, creation of a dashboard, or a smartsheet.
BENEFIT OF COMPLIANCE MANAGEMENT
- ENHANCES CUSTOMER SATISFACTION
In addition to just compliance, having a compliance management solution in place also helps your business to demonstrate your commitment to the development and improvement of systems and processes in accordance with set rules that are ultimately there for your customers’ benefit.
Thus, by helping your business put your customers at the heart of everything you do, a compliance solution serves to instil confidence in your organization and promote loyalty, which in turn leads to more customers.
- PROVIDES VISIBILITY INTO COMPLIANCE PERFORMANCE
Traditionally, non-compliance needs to be manually detected by quality technicians and reported to managers. Thus, any gaps in communication can have serious consequences.
A compliance management system offers managers and administrators a holistic view of compliance levels and performance across the entire organization through custom drill-downable reports and personalized real-time dashboards. These features provide them unprecedented visibility into the status and performance of their compliance efforts.
- REDUCES OPERATIONAL COSTS
Compliance doesn’t always have to come with a cost. In fact, with the right system in place, you can even save money. Not only does it automate compliance monitoring and eliminate the need for investing in more personnel and resources, but it also proactively tracks regulatory changes and flags risks before they hurt you financially. Moreover, automation also reduces the chances of human error and oversight that may lead to fines and penalties down the road.
- TRACKING REGULATORY CHANGES
With regulatory bodies frequently updating rules, standards, and regulations, staying on top of these and incorporating them into your compliance strategy can be tricky. You’d not only have to read up on these new regulations but also have to determine the changes, if any, have to be implemented.
A compliance management solution keeps a close eye on these developments and proactively tracks internal and external regulatory changes. Moreover, it identifies non-compliant processes and operations and helps you efficiently map new regulations and standards onto them.
- ALL COMPLIANCE REQUIREMENTS IN ONE PLACE
A compliance management system brings together all your regulatory and business requirements under one integrated framework. This enables you to track all details related to all your compliance activities and tasks with ease and promotes adherence to these requirements by ensuring that nothing slips through the cracks.
Moreover, since all you need is one centralized solution across your enterprise, interdepartmental harmony is promoted, and the development of silos is prevented when it comes to compliance-related tasks.
Writer:
Funmilayo Majolagbe
BL,LLB
Human Resource Manager
SO&C Compliance Services
