Digitizing GRC and managing compliance remotely in a COVID world
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 Helps Nonprofits Manage Compliance During Covid 19 In a Stress-free Way
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:
- Centralized documentation: The larger an organization grows, the more complex and diverse its compliance needs become. It's fine to work with spreadsheets in the beginning, but soon you need a central repository to manage all of your regulatory needs. VComply offers a centralized system to manage compliance, that helps you simplify compliance structures across your organisation, build accountability, escalate issues, and nurture a culture of proactive compliance.
- Cloud-based: In a world where work from home is the norm (at least for a while) and in-person gatherings are restricted, VComply's cloud-based solutions are a boon for nonprofits. No matter where your employees are based, they can access their compliance information at the click of button and produce it when required for review.
- Secure: Data security is a major concern for nonprofits, as breaches become common. Data theft can cost a nonprofit millions in penalties due to violation of laws such as HIPAA. Luckily, all data stored in VComply is compliant with local storage laws and 100% secure.
- Evidence collection: VComply allows you to upload images or take pictures within the app, and store them as evidence. And it's available in an easily searchable format, so you don't have to scramble for important data again.
- Powerful reporting: Unless you love rummaging around in spreadsheets to find compliance details and reports, you'll find VComply's robust reporting tools to be a boon. You can search for compliance reports by person, location, department, and organization.
- Compliance dashboard: See at a glance what every department in your organisation is up to. Escalate issues that matter, and focus on areas where you're lagging behind. Say good-bye to endless follow ups and say hi to a smarter way of working.
- Notifications: Automated notifications help you track your compliance timelines with ease. The more processes you automate, the more time and resources you can save, and redirect towards your core mission.
- Diligence score: This is an effective metric that helps you gauge the performance of each team member, and how well they complete their compliance responsibilities. By tackling compliance bottlenecks at an individual level, you can eliminate compliance issues and penalty risks once and for all.
Benefits of Using VComply for Non Profit Compliance
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.
Always prepared, no matter what
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.
Focus on people's welfare
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.
Putting It All Together
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!
About the author
VComply Editorial Team