It is an exciting time for us at VComply! We raised $6 Million in Series A funding to expand VComply's mission to build one of the most intuitive and innovative Governance, Risk, and Compliance platforms in the market. Counterpart Ventures led the round with participation from our current investor Accel Partners.
It marks a significant milestone as it sends a powerful message about the direction in which we are heading as renowned investors validate our growing market position. We built VComply with an unwavering belief that every organization deserves an intuitive and flexible GRC platform that understands its unique Governance, Risk, and Compliance management requirements, which legacy software products fail to understand.
"GRC software is a necessity for the modern organization. The current market is full of antiquated solutions, which are not agile and are difficult to manage. VComply is uniquely positioned with its innovative, robust, and scalable platform to capture a huge piece of this market. We are thrilled to be leading this round and looking forward to associating with the company's continued growth," said Patrick Eggen, Co-founder, and Partner at Counterpart Ventures.
Since our start in 2019, VComply has embraced a customer-centric approach and continuously strives to make compliance and risk management as easy and transparent as possible. "In the rapidly growing GRC management landscape, VComply stands out by providing a cloud-based solution that enables robust self-serve risk management while also being easy to use. They have a tremendous opportunity ahead to expand their business in the US, and we're looking forward to working with them on this journey.," said Dinesh Katiyar, Partner at Accel.
We are honored to see the belief and commitment of our investors. And we are thrilled to welcome Counterpart Ventures to the VComply family and see such strong support from our exiting partner, Accel.
We will utilize the investment proceeds to strengthen all areas of the company, with a particular focus on:
Delighting our customers is at the core of our vision. We are incredibly thankful to our customers – we could not have gotten here without their trust and commitment. Our customers and partners have been there at every step, holding us accountable for our goals and targets. We continue to strive to provide the best experience and support to our customers.
The road ahead is exciting. Our roadmap is goal-driven and sets a tone of positivity with features that add value to our customers. We are invested in a plan to make our Compliance, Risk, Policy, and Audit Management products as fluid and intuitive as everyday products. We will continuously build and deliver features that help drive change and deliver faster results and better governance.
Once again, a heartfelt thank you to our investors, partners, customers, and a fantastic team. We are eagerly looking forward to the next chapter of VComply!
We wish you all a successful 2021!
Compliance takes work. Surprise audits, producing relevant documentation, coordinating compliance needs across your organization, assigning responsibilities--the list is endless.
If you've been using spreadsheets, or worse, physical records to manage compliance, you know it's nothing less than a nightmare. Now imagine doing all of this virtually, without any of your key stakeholders in the same room. A few scenarios come to mind: chaos, miscommunication, and finally, penalties for noncompliance.
Covid 19 has forced all of our essential work to shift to the virtual world, and this includes compliance. Regulatory agencies are now conducting virtual audits, and nonprofits need to be prepared in case their facilities come under review. There is reprieve for nonprofits though: VComply offers simple, quick, and hassle-free compliance and regulation software, so nonprofits can manage their compliance needs smoothly.
In this post, we'll discuss key features that enable seamless compliance management and the transformation nonprofits can undergo when they adopt VComply's compliance solutions.
VComply is a cloud-based governance, regulation, and compliance software built especially for nonprofits and organizations such as credit unions. It allows companies to manage compliance virtually, making it ideal for remote teams.
Let's drill deeper into features that power VComply's compliance solution and make them unique:
Now we've gone over the key features that make VComply an indispensable tool for nonprofits, especially in a stressful time such as Covid 19.
Let's take a look at how exactly VComply can help you make compliance less of a headache, and more of a piece of cake.
Electronic or manual filing systems are not just difficult to scale, but also an administrative burden.
A lack of streamlined processes for managing compliance can quickly get overwhelming. For example, quality and compliance specialist at Center for Human Development, Dan Sadowski, told us about how they managed compliance before adopting VComply:
"Programs were managing their compliance requirements in a variety of ways. Often a series of emails were required just to confirm a simple obligation. The abundance of documents for policies and procedures can get overwhelming at times,”
On the other hand, a tool such as VComply provides you with an enterprise-level view of compliance activities and gaps, in real time. Track your progress, deadlines, and updates with a few clicks.
If your nonprofit is fairly old, you're aware of the dynamic nature of regulations and laws. Take a look at this: One of VComply's clients has over 8 different regulatory bodies, including eight that don't speak the same language. Combined, these bodies account for 1,000 regulations and over 400 standards to keep track of. Without a better system, managing compliance with such a high level complexity can often feel like a knee jerk, panicked reaction.
VComply allows nonprofits to build a strong culture of compliance in their organization. This involves tracking and monitoring areas for improvement, staying vigilant at all times, and benchmarking compliance performance against previous years. Our clients have reported higher levels of accountability and compliance success.
We'll let Michelle Cove, director of compliance at Center of Health Development explain,
"Confirming with programs that they all have inspections to complete took at least 4 hours. Now we can see all that on our dashboard and produce a report in seconds.” Naturally, all of these time savings result in reduced areas levels across an organization, better performance, and an increase in quality of work and life.
Surprise audra can often be a source of anxiety for nonprofits. When each department has a different location for storing documents and a different naming convention too, procuring all requested reports in one place can be cumbersome.
With VComply, nonprofits can instantly generate reports based on responsibility, person, facility location, and/or state or federal regulation (ex: HIPAA requirements).
During the pandemic, this can be especially helpful, as you're able to virtually access all information in one single place.
While compliance is an unavoidable part of running a nonprofit, it's only a means to an end, and not the reason why you exist. As a nonprofit, you likely have a long term goal in mind to serve your community and beneficiaries
Adopting a robust system of compliance such as VComply helps you save time, resources, and manpower, and focus solely on your mission and purpose.
Covid 19 has accelerated the adoption of cloud-based applications and software, and the effects can only be described as revolutionary.
Nonprofit companies looking to better manage their compliance needs and build a culture of accountability, should definitely seize the opportunity of virtual audits to give VComply a try!
