By Joy Deep, Director Of MarketingManagers need a reliable enterprise compliance management solution that meets their needs. The right tools ensure compliance with relevant regulatory and industry requirements while minimizing risks. When selecting software solutions, managers must match the features presented to existing and projected business needs.
What Is Compliance Management?
The compliance management process ensures businesses meet standards set out in organizational policies, industry standards, and government regulations. It involves implementing strategies that help organizations identify regulatory compliance risks, manage compliance programs and monitor compliance activities on an ongoing basis.
Ongoing work is critical because organizations and the regulations governing them constantly change. Consequently, corporate compliance tools must do more than just keep up with these changes. The best tools anticipate changes and stay one step ahead of updates and enforcement.
How To Choose the Right Compliance Management Tools
Compliance has become an increasingly critical component of business operations with costly consequences. Software developers worldwide have capitalized on this by providing regulatory compliance tools they claim will solve an organization’s biggest problems. But, how do you decide what your company needs? Use these tips to simplify the process of finding the right solution for your business.
Identify the Needs of Your Organization
Evaluating business needs is essential before selecting a compliance system management option. Companies must first identify the compliance risks they will face and determine the most critical compliance requirements. Understanding the organization’s compliance activities helps managers decide which regulations affect them and how to satisfy requirements. Once you identify your compliance requirements, you can search for tech solutions that meet those needs.
Analyze Functionality and Features
When searching for compliance software, there are a few key features to consider. Here are some questions you might need to answer:
- What area of compliance does it address?
- How well does it integrate with other software or apps that affect compliance in that area?
- Does the compliance solution provide ways to track compliance activities?
- Are there any analytical capabilities that can help identify compliance trends over time?
- Does it provide additional features outside of compliance, such as federated messaging?
Test the Solution
Once managers have identified their compliance needs and selected a compliance management solution, test it before implementing it. You can test the system in a safe environment with fake data to ensure that the compliance software works as expected. This helps confirm the compliance solution meets the needs of the business without compromising confidential information.
Features To Look for in a Compliance Management Platform
If you start your search by identifying business needs, then you already have a good idea of the features you need. Needs vary across companies, but these are some basic considerations to add to your list.
Supported Platforms and Integrations
The compliance management software should integrate with the company’s existing infrastructure and software. For example, some companies have fully transitioned to the cloud, while others might have a mix of cloud and on-premise infrastructure. The solution also needs to integrate with the software your company uses and intends to use for related purposes.
Mobile Device Support
Mobile devices have become the norm in the office. Even people who primarily work in a cubicle might use laptops and tablets instead of bulky desktop setups. Companies with remote or hybrid work arrangements have an even greater need for mobile device support. Consequently, compliance tools must also be compatible with mobile devices and the apps used for communication.
Reporting Capabilities
Reporting is an essential part of the compliance management process. With reports, compliance data can become more organized and easier to use. Managers can use this data to determine how to strategize for the future or seize current opportunities that arise.
Auditing Capabilities
The compliance management software also needs auditing capabilities. Auditing helps businesses identify potential compliance risks and track compliance activities in real-time to ensure they remain on top of regulatory compliance standards. Audit logs should provide detailed information about who accessed or modified documents.
User Access Management
User access controls help organizations secure their systems by limiting users to only the information they need. Taking a need-to-know approach better ensures proper completion of compliance activities. For example, everyday workers should not be able to edit corporate archives of business conversations. User access controls also help companies meet requirements for data security and data privacy standards, such as the GDPR and HIPAA.
User-Friendly Interface
Workers want simple compliance solutions to navigate, understand, and use. The interface should be visually appealing so that users do not feel confused or overwhelmed. It should also be intuitive so users can remain productive while using the software, even if they don’t have strong technical expertise. Test drive the compliance solution in a demo environment before purchasing it to ensure it is user-friendly.
Industry Specialization
Industries have different needs, and compliance software should be able to satisfy the regulations that apply to your corporation. Certain compliance tools also have features tailored for particular industries or business processes. Look for compliance tools that accommodate your organization’s unique requirements. For example, banks must follow much stricter guidelines than non-regulated companies.
Scalability and Customizations
Compliance needs will likely change as the business grows or shrinks operations due to market changes. Customizations can help enterprises to customize compliance solutions to meet their specific requirements. This can include the following features:
- Automated compliance workflows
- Predetermined compliance thresholds
- Custom reporting capabilities
Why Use Capturing and Archiving Technology To Improve Compliance Management
Message-capturing technology can improve compliance management by providing a secure, long-term storage method for communication records. Organizations can easily access and review compliance data whenever needed by storing these in a central repository. This reduces the time and effort spent on compliance activities and ensures compliance information is always up to date.
Record-keeping systems also provide robust security and compliance features, such as encryption and compliance monitoring tools. Finally, these solutions should integrate easily with other compliance solutions to provide a comprehensive compliance management solution.
LeapXpert serves hundreds of thousands of users across 45 countries. We have studied the requirements affecting our clients and created an automated archiving solution that goes well beyond the basic needs of regulatory compliance tools. Contact us to learn more.
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