Compliance refers to an act according to certain accepted standards (such as a specification, policy, standard or law). Regulatory Compliance means conforming compliance with relevant laws and regulations of the country.
Technology is the practical application of science to commerce or industry. Computer software is a collection of instructions that enable the user to interact with a computer, its hardware, or perform tasks. Without software, computers would be useless.
Therefore, a Compliance Management Software means a software designed to help enterprises comply with relevant laws and regulations of the country.
Read through to understand how a Compliance Management Software outperforms the traditional compliance management practices where compliances are managed in a manual environment:
1. Holistic view, Real-time information & continuous check over compliances
An enterprise with a Manual Compliance Management System has to first conduct research as to what all laws and regulations apply to the enterprise (out of 1000s of Acts, Rules, Regulations, Notifications, Circulars, etc.). Then all such laws and regulations have to be read and understood and the exact provisions of such laws and regulations that are applicable to the enterprise have to be searched and listed. Then such listed provisions and compliances have to be assigned to different users manually and remembered by such users and if it is a big enterprise everything gets very tough. Also, it is common to see faulty compliance processes and no streamlined compliance solutions.
However, a Good Compliance Management Software encompasses all areas of compliance including corporate secretarial compliance, human resource compliance, tax compliance, financial compliance, information technology compliance, etc. because of which the enterprise need not worry about gathering the information. Also, the enterprise will have access to real-time information and continuous check over the compliance management processes through their personalized dashboard & loads of smart features. Comply Global offers several solutions for small & medium businesses for their compliance management needs.
2.Always stay up to date with Updates and Amendments and never miss a compliance with Notifications and Reminders
It becomes highly tedious to keep a note of all the changes in laws and regulations manually. There is always a risk of non-compliance which could lead to severe losses. These changes are tracked by a good compliance software and hence, the enterprise need not focus on keeping track of the changes in all the laws and regulations applicable to the enterprise. Keeping risks & worries at bay, the users can work on what they know best – their business.
A good compliance management software smartly enables it’s users to avoid losses & the risk of non-compliance by sending email notifications and reminders.
3. 24/7 ready reports
With the click of a mouse, the enterprise will be able to generate and provide reports of regulatory compliance to regulators, auditors or legal team. However, in a manual environment, preparation of reports is normally by using spreadsheets.
4. Improved efficiency and precision
Undoubtedly, software based compliance management solutions are robust & efficient as compared to conventional practices of manual compliance tracking. Properly built compliance management software can be easier, faster and more effective than any manual compliance tracking system, thereby leading to a reduction in cost. It also reduces risks by limiting human error.
In a manual environment, different users maintain the documents/files relevant to compliance at their respective computers/physical folders. However, in a Software based Compliance Management System, all the documents relevant to all compliances across the enterprise can be found at one place and everything is backed up safely on a server maintained by the compliance management software provider.
6. Keep a track of “who has done what” with Audit Trails
A good Compliance Management Software has audit trails. An audit trail (also called audit log) is a security-relevant chronological record, set of records, and/or destination and source of records that provide documentary evidence of the sequence of activities that have affected at any time a specific operation, procedure, or event. Audit trails cannot be found on a manual compliance management system.
7. Management can do its work
In the case of a Compliance Software Management Environment, the management of the enterprise can focus on analysing results and identify potential violations instead of worrying about gathering information as is the case in a manual compliance tracking system.
Today, a number of small to medium businesses & enterprises have moved to a completely software based compliance management, echoing the incredible efficiency & robustness of such software. Here is a list of features that users can leverage over traditional compliance management practices. Do get in touch with us here, in case you have any questions regarding global compliance management.