“Compliance management is the process by which managers, plan, organize, control, and lead activities that ensure compliance with laws regulations & standards.” With the consequences of failing to comply with laws, regulations, and standards having such a high potential cost, compliance is clearly a very big issue for businesses.
Compliance Management might sound like a lot of extra work. But while it will certainly require commitment and some effort, noncompliance can result in penalties, legal actions, reputational damage and revenue loss. Compliance ensures that the organization and employees adheres to regulations, laws, and standards.
A flawed compliance culture causes a lot of damage that can not only hinder growth but also affect the ability to sustain success. On the other hand, a culture of trust with the values of compliance is a proven medium of success. Compliance management comprises of policies, standards, controls, documentation, assessment, audits, monitoring and ensures that the organization adheres to legal and industry requirements.
Fortunately, there are tools and technology you can use to make your compliance processes easier.
A compliance management system provides an organization with a systematic approach to implement measures such as controls, processes and helps track and monitor compliance programs to comply with the legal and industry requirements. A compliance management system helps you operationalize compliance programs, implement better processes and controls, and enhance visibility and accountability.
Compliance Management System plays a crucial role in the healthy working of every organization. Leverage a compliance system to operationalize compliance programs, integrate compliance processes into business processes.
A vivid and effective compliance management system will help check the risks relevant to an organization in administering several regulatory requirements. When correctly implemented and managed, issues within the organization that affects consumers will be efficiently resolved. Not sticking to compliance can lead to damage done to both the company and its customers. The compliance management system can include activities like Internal audits, Third-party audits, Security procedures and control, Preparing reports and providing supporting documentation, Developing and implementing policies and procedures to ensure compliance, and many more.
Compliance Management helps in:
VComply is an integrated platform that provides Compliance management as one of its solutions. VComply provides six simple steps to be followed in Compliance Management Process:
By acting diligently and creating complete transparency within your organization, VComply makes sure your organization systematically discovers and resolves many hidden tasks, saving you and your organization from easily avoidable losses effectively & efficiently.
Explore what makes VComply a consistent G2 high performer in Compliance Management. Request your demo today and transform your approach.
Discover the immediate impact VComply can bring to your compliance program. Move beyond the limits of spreadsheets with a system of record designed for complete compliance management.