The regulations exist for a reason – they help ensure that organizations operate in a legal and compliant manner. They also protect the stakeholders’ interests and uphold the reputation and integrity of the organizations. If your organization fails to comply, it leads to fines, penalties, and even criminal charges. The Securities and Exchange Commission recently announced that it filed 760 total enforcement actions in the fiscal year 2022, a whopping 9 percent increase over the previous year.
Imagine this. You’re a U.S.-based non-profit that has to adhere to a minimum of 50 Federal, state-specific, and local regulations to keep receiving the grants. Right from the FDA and IRS to DOJ Federal laws, there are several other state-specific rules that you need to comply with. Monitoring and tracking the regulator compliance requirements are time-consuming. Doing it manually makes it even more cumbersome.
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.