The consequences that come with being non-compliant is huge. Considering the stringent regulatory requirements, internationally agreed on industry standards, and the need for internal efficiencies, it is imperative that organizations are proactive about compliance. But, staying on track with changing laws, regulations, and standards is a tedious process. Compliance automation can help solve these complex problems – streamline business processes, automate routine tasks, generate arduous reports in seconds and most importantly… improve overall organizational efficiency.
Simplifying Compliance Workflows with VComply
VComply is a robust compliance management tool that automates compliance processes in an organization and goes further to offer integrated risk assessment and policy management programs. If you are looking to streamline your compliance processes, look no further than VComply. VComply understands the varied compliance requirements of companies and is flexible enough to design the compliance workflows based on their requirements. The tool helps companies to:
- Access compliance framework and industry-standard control sets from a centralized location
- Delegate compliance tasks/internal controls to an employee or a team and use a workflow automation tool to monitor the progress.
- Store documents and ensure that document retention stays flawless for when auditors come knocking. Workflow automation minimizes the chances of human error and can also help simplify search during audits.
- Associate a risk level to the responsibility that will be imposed on the organization if the responsibility does not get completed on time.
- Gain insights on compliance performance, identify gaps, and address them quickly
VComply’s compliance workflow streamlines the flow of crucial information and key compliance responsibilities. It reduces manual effort and input required from the compliance officers. Compliance oversight and coordination can also be challenging in such a system, but such complexities can be reduced with automation.
How to establish and delegate compliance responsibilities with VComply?
Once you define the scope of compliance programs, establish governance principles and compliance policies that are simple to create and delegate compliance responsibilities with VComply. Stakeholders and teams get notified by e-mails, and they can work on the responsibilities to make sure that the organization is compliant with all the regulations. Establishing responsibility includes authorizing the power to execute certain actions to these individuals.
- Log in to VComply.
- Click on Compliance on the left navigation bar.
- Click and select internal control/compliance responsibility from the pre-built framework. If you choose to create a new compliance responsibility, then you can create a compliance responsibility.
- Select a user or a group of users to whom you want to assign the responsibility. If you choose ALL SELECTED PERSONS TO COMPLETE THIS option, separate responsibilities will be created for each selected user. Otherwise, only one responsibility will be created.
- In the WHEN field, enter the frequency and due date for the compliance responsibility.
VComply supports many additional options to help you create and assign responsibilities and make your compliance programs effective.
- Click on ENTRUST.
An email notification is sent to the user to whom the responsibility is entrusted. The stakeholder can complete the compliance tasks and update the details.
It is that simple to entrust a prebuilt internal control or a compliance obligation task to a stakeholder and measure and monitor the compliance performance. The VComply compliance alert mechanism allows you to stay informed of your compliance responsibilities and automatically notifies you of compliance status, completion status, etc. Best of all, the compliance and risk management dashboards provide a complete overview of your compliance performance and help you monitor compliance trends and anomalies.