Dealing with the Best Compliance Management Solutions
To focus on the topic, let us assume that you know what compliance is and why maintaining it is so much important. Before we come to the subject of this article, let us have a look at the most common pain points the organizations face when they opt to use own resources only for building compliance management strategies.
No Automation, In-House Resources Only. Major Compliance Pain Points
Without getting into Full HD picture of compliance officer’s nightmares before the era of automation, we present a shortlist of pain points any organization would have to deal with in manual compliance management.
Pain Point #1. Highly time- and cost-consuming manual work.
The efficiency of manual handling tons of paperwork with thousands of requirements is extremely low. Human errors are inevitable. Mistaken entries are difficult to trace and have an avalanche effect.
Pain Point #2. Data dispersal and fragmentation.
Data handled manually become critically fragmented and dispersed between employees, divisions, and storage devices. An organization has little control of its compliance activity and status.
Pain Point #3. Complicated task management and communication.
Task management disseminated between many individuals, divisions, and C-level staff with the use of multiple communication channels becomes over-complicated and slow.
Pain Point #4. Misalignment of information flows.
Employing multiple software for task and project management, communication, HR, CRM, etc. within a single compliance system creates a disproportion in weakly coordinated information flows.
How do Compliance Management Solutions Cure the Pain Points?
There are other shortcomings of manual compliance management, which seem less painful. We will not focus on them now. However, we would like to emphasize that many little pains can cause a serious problem.
Each pain point described above belongs to its problem area and requires a specific solution. Below, we list solutions to them in the same numeric order:
#1 – Workflow automation
#2 – Data integration and consolidation
#3 – Single center of information exchange for efficient collaboration
#4 – Full suite of management tools in one app
Therefore, good compliance management software provides a single solution to cure all four major pain points.
What else can We Expect from the Best Compliance Management Software?
The features of compliance management solutions vary by each product on the market. We list them down using Infopulse Standards Compliance Manager (SCM) as an example.
Many solutions are designed to cater to specific industries, for instance, automotive or finance. SCM is a universal platform for managing compliances regardless of industries and business types. To achieve this universal functionality, SCM developers put in the core of the software an innovative business logic.
- All standards in one solution
While many tools provide only one industry-specific standard or a limited number of mandatory regulations, SCM enables users to import any number of standards or policies in addition to a variety of pre-integrated standards.
- Governance, Risk and Compliance Management (GRC)
Many compliance solutions limit themselves to compliance management only. Same way, there are solutions limited to cyber risk management only. As a multi-purpose integrated platform, SCM provides tools and features to manage governance, risk, and compliance all in one environment.
- Carefree updating compliance requirements
Scouring the legislative landscape for the newest amendments distracts the organization’s resources. SCM provides regular automated updates for the system.
- Comprehensive support
All know that technical support is a very elastic term. The range is vast. In addition to a full set of supporting services, SCM professionals help organizations standardize and optimize their processes. And, of course, you get access to volumes of How-ToDo’s, video tutorials, etc.
- Other features worth your attention
To make a well-weighted decision about a compliance solution, all things count. Without getting into details, we simply list them below as a reminder for you to find the best fit: scalability, security, pricing models, language support, device platforms (Windows, Linux, etc.), deployment (On-Premise, Cloud, SaaS, etc.).
Why Infopulse SCM?
Infopulse SCM resolves the governance, risk, and compliance management challenges and issues in the most effective way right now. Since SCM is a live developing product, it is regularly updated to add more functionality, efficiency, and performance capacity quarterly.
On top of its direct operational value as described above, the Infopulse SCM helps you attain:
- Regulatory clarity
- Optimized compliance and risk management processes
- Minimized legal troubles including associated penalties and fines
- Improved business operations
- Proper data consolidation
- Elimination of human errors
- Reduced time and efforts.
Be specific. Do not speak about compliance management software in general. It is all too different. Consider your compliance tasks and issues through the features and benefits of a specific compliance solution. Only then, you will have less chance of misjudgment.
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