Compliance Tracker for Everyday Business

  • 21st, November 2019
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Compliance Tracker for Everyday Business

In the recent decade, we speak and hear everywhere about Compliance Tracker. What does it actually mean? 

• Is the compliance tracker required for a successful business? 

• Why wasn’t it relevant for a business outlook earlier?

• Was there not any successful business before the advent of the Compliance Management Platform? 

Based on these questions being constantly asked in the market and on, my vast experience on the importance of technology in the space of Compliance Tracking and Management, I have penned this content. The general connotation of Compliance is a state of being in accordance with established guidelines/specifications to abide by the Industry standards and Government Legislation. A well-built regulatory compliance management system in an organization, reinforces the business ethics and ensures organizational behavior by setting clear business objectives, identifies the boundaries of legal, establishes a system to alert the management as and when the organization is getting close to crossing a set boundary. 

Besides, there were successful businesses in the past. Nevertheless, in today’s competitive world, every organization is forced to think, rethink their business strategy and act out of the box for their survival or be successful in the industry due to high customer demands, competition, globalization and revolution in the legislations. None of the organizations wants to spend a disproportionate amount of time and resources collecting data with inefficient, outdated and antique processes. Therefore, an intelligent, effective and solution bound Online Compliance Tracker would be the right solution for the growth and success of the business. 

A well-built Compliance Automation Software tells us what exactly we need to do, when and how we need to comply with requirements in safeguarding health and safety, data protection and many more. Compliance can also be known as a professional discipline that is required in every industry. Today name any industries BFSI, NBFCs, Hospitals, Vehicle dealers, Manufacturing, Chemical, and Automobile, Irrespective of the size of the organization, as a matter of fact, they require to track their statutory compliance apart from Government Legislation to maintain their standards. 

Section 134 (5)(f) of Companies Act,2013 says that the directors should devise proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

There are situations when the directors prosecuted for trivial non-maintenance of Registers, non-display of Abstracts which could be the daily routine. And the management was surprised only when the prosecution notice was issued. And this could have been well identified and rectified in advance with a robust compliance automation software in place. 

In this race, the need for compliance software has become the “Circulatory system” for the healthy functioning of an organization in this volatile market. It is the so-called  “Circulatory system” because it determines the internal health of an organization. Tiny blocks at any corner will paralyze the complete metabolism of the organization. Here arises the awareness for an online Compliance Tracker. 

An e- Compliance platform is a powerful piece of technology that automates the processes and replaces the manual process by tracking A to Z compliance activities of any business as a mirror.  This tool should be user-friendly, easy navigating, time-saving, risk alert and management with cost-effective benefits for any Organisation. 

An automated Compliance tracker helps in constant review with any time available reports, which provide clarity and supports for quick decision making. For example, in the case of Vendor Management, it is easy to pull the previous records of vendors to review their quality of service and to decide for future engagement with them. It can flag changes in the organizational policy as and when required. Fostering this culture of risk consciousness can create risk-free ownership within every employer and help reduce the chances of noncompliance.

According to OCEG’s (Open Compliance & Ethics Group) 2017 GRC Technology Maturity Survey, 53% of companies are still using spreadsheets, documents, and email as their primary technology. But with the right technology, compliance leaders can have complete visibility and access to all of their data and non-compliance status. This ultimately helps elevate compliance to a business performer, instead of a cost centric or something that’s simply a check-the-box item.

Another important driving factor of technologies in the compliance world is the prevalence, adaptability, and acceptance of the change. Between the complex legal landscapes, growing third party expectations, shareholders demanding transparency, high stakes enforcement trends and more board oversight, updated technologies allow you to keep up with the constant demands of both external and internal pressures.

If you think about how far compliance automation software has progressed in the past 10 years and where it stands in the next five years from now… then let me tell you, flexible technology will not only help companies keep up with new regulations and laws but also stay a step ahead when it comes to compliance risk and health of the organization. That’s why today Organisations should invest in robust, scalable compliance technology like ‘Compfie’.

Compfie is a Global e-Compliance Platform that dynamically drives your organizations’ compliance performance and also serves as a multi-dimensional compliance dashboard for management reviews

Businesses today face newer risks that were once unheard-of. Therefore, our approach through the DNA of Compfie’s software is to monitor and mitigate these risks, particularly keeping in mind today’s scenario where every countries government has stringent Compliance laws. If rest of the world has fully embraced and moved towards AI and technology, then isn’t it high time that your organization moves towards an intelligent e-Compliance Tracking Software?

Dhiviya Thandavan
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