A 2021 Statista survey showed automation could help to reduce regulatory compliance violations and data breaches. Other benefits for organizations can include reducing the risk of performance issues and identifying new business opportunities. Modern compliance teams understand these and other advantages of automating their processes. It’s all about using the most up-to-date technologies available.
The Blueprint Of A Modern Compliance Team
Imagine comparing a modern compliance team in 2022 to one from eight years ago. There would be some stark differences between the two. One team would be reliant on several spreadsheets and other forms of documentation. Whereas the other has answers to compliance requests right at their fingertips. Do you know what type of compliance team you have right now?
Your Compliance Team Deserves The Best
Compliance professionals work in a regulatory landscape that is shifting to something new. It’s frustrating for compliance employees, but it is an accepted part of the industry.
Don’t forget, though; there is no need to put yourself through the stress of non-compliance. There are easier options out there that can make a huge difference. Automating compliance processes is the logical step to staying compliant.
Read on if you want to update your compliance processes. It’s time to consider a more modern approach to your compliance obligations.
Five Ways Automation Is Helping Modern Compliance Teams
It’s not only compliance employees that reap the benefits from automation. The whole company can receive some cohesion and streamlining benefits. Departments can work together, creating a more harmonious working environment.
It all helps to push the business forward into a positive culture of compliance. If you’re not using an automated approach to compliance, now is the time to open your mind.
A Customizable Feather In Your Cap
Many companies stay clear of automation. Because they worry about the impact on their business, moving from a manual legacy system to a modern solution might seem problematic.
It’s worth bearing in mind that regtech companies are professionals in their field. Many have a compliance background and understand compliance demands.
Gone are the days of taking something off the shelf, installing it, and off you go. A customized approach is always an option, whatever your circumstances.
Using a collaborative process, your regtech specialists can create a system to meet your compliance objectives. The transition from your old system to the new one is detailed clearly. This process means your company will not suffer costly downtime periods.
Create More Time For Other Tasks
With strict deadlines to adhere to, there is no room for errors. Also, matching the current regulatory requirements takes time for compliance employees.
34% of global compliance employees spend one to three hours per week updating policies and procedures. Automating compliance processes can create more time for hard-working compliance professionals.
A User-Friendly Compliance System
You might have a manual compliance system that works for you but takes time to update. Managing many spreadsheets can be challenging, and human errors can cause problems.
Employees can easily access an automated system and minimize the possibility of human errors. You can also take advantage of free demos from regtech companies. It helps you check out the compliance software in practice.
Improved Collaboration
The words “compliance” and “audits” can instill fear of dread in department managers. This attitude usually stems from manual processes that slow everything down.
Nobody wants to fill in tons of forms or update endless spreadsheets. Automation streamlines everything. Departmental relations will improve when compliance is easier to manage.
Reporting Becomes The Powerful Tool It Should Be
Reporting commitments can be stressful. You might have to present figures to the board on regulatory and compliance risk or create reports for regulators. The list of reporting requirements can go on and on.
Cast your mind back to the last manual report you had to do. How long did it take you to collect all the data? Was it easy to find the information? Can you guarantee that all the data you used was accurate?
There is a lot of second-guessing with manual reporting. Modern compliance teams are streets ahead in this area. Automation lets you create reports at the press of a few buttons. Your business can then make strategic decisions knowing that the data is accurate.
You can customize your reports and place them in a reporting library for reference. Additionally, you can automatically add any required actions to reports.
GRC Compliance Automation Made Easy
A modern automated approach will always trump an old-fashioned legacy model. Regtech companies are striving to improve their compliance products.
This focus on continuous improvement is an added benefit to compliance departments. When the compliance industry changes, the tech adapts to stay abreast of the new laws and regulations.
This futuristic approach is a necessity in the compliance industry. The award-winning cloud-based GRC platform VComply shares this compliance mindset.
Harshvardhan Kariwala, the CEO of VComply, said, “Our team has been heads down on product development for the past year, continuing to develop our next-gen solution to a long-time problem of managing GRC.”
The compliance management software from VComply covers the five areas mentioned above. The proof is in the actual results. The company’s clients have experienced a 75% reduction in non-compliance penalties.
This statistic shows why the Palo Alto and Kolkata-based company is making compliance headlines. It recently received Best ROI and High Performer awards for its flexible GRC platform.
Compliance Opportunities For The Future
There are endless opportunities for businesses to integrate compliance management. The demands of compliance will always be there, especially as regulations evolve.
You can use an automated approach to manage all your compliance programs at the same time. It will help to cut compliance stress, streamline your business, and save time.
Compliance is a serious part of your business. Current trends show that regulators will become stricter with new regulations. Give your organization a helping hand by utilizing the skills of a regtech company.
It will help improve your compliance efforts and give you welcome flexibility. Your business will be ready to take on whatever comes next in the compliance industry.