Only when you know your compliance, you do your compliance!
As regulatory changes happen at lightning-fast speed, the pressure on organizations to meet compliance-related requirements is quickly escalating. The growing expectations from customers and regulatory bodies alike require organizations to drive continued efforts in improving their governance, risk, and compliance posture.
However, the dependence on siloed systems and manual, paper-based processes to manage compliance-related tasks makes compliance monitoring and management extremely painful.
To standardize the compliance management process, organizations need a centralized, cloud-based platform that can help in storing, managing, and updating compliance data in a single place – and comply with all requirements with greater speed and precision.
The challenges of governance, risk, and compliance
Despite the growing pressures of ensuring enterprise-wide compliance, most organizations lack real-time insight into compliance data, which makes compliance monitoring and management extremely complicated and tricky.
Here’s looking at some of the most common challenges organizations today face, which increase the risks (and associated costs) of non-compliance:
- The absence of real-time compliance report cards makes it difficult for organizations to have a birds-eye view of current compliance status
- Scattered compliance management processes mean teams are forced to undertake several back-and-forth tasks with different departments via different systems
- No proper mechanism or reliable system to store historical compliance data leads to loss of data and past records
- No insight into the current status of compliance leads to missed deadlines or revisions
- Lack of ways to monitor or track the constant changes that happen in compliance frameworks makes compliance management challenging
- Dependency on individual resources and traditional methodologies to ensure enterprise-wide compliance leads to non-scalability
- No access to a knowledge base of capable support and knowledge that provides answers to common compliance-related queries
How technology can help
Modern cloud-based Compliance Management solutions like KloudGRC help organizations in storing and monitoring all their regulatory and non-regulatory requirements – and ensure compliance 24×7.
Acting as a one-stop solution for all compliance needs, such solutions help in accessing compliance-related information from anywhere, and make the right decisions, at the right time, and the right place.
- A one-stop-shop for managing compliance: A cloud-based compliance management solution can help manage all statutory and non-statutory compliance tasks in one place. It eliminates the need for employees to switch between different systems and have the information they need in one place for better decision-making.
- Standardized compliance management: A modern technology solution helps standardize the compliance management process, so time and effort can be saved in managing compliance-related issues and non-compliance fines can be minimized.
- Real-time visibility into compliance status: Modern solutions also deliver real-time visibility of compliance status. A birds-eye view into compliance data paves the way for better insight, awareness, and understanding of compliance-related tasks.
- Updated calendar views: Viewing compliance status via calendar views is also something most cloud-based compliance management solutions offer. Calendar-based alerts and escalations of non-complied events enable organizations to take necessary action to meet deadlines for revisions and updates.
- Intuitive dashboards and reports: Modern Governance, Risk, and Compliance solutions also offer ready access to compliance reports and dashboards – at Group and Company level across all locations. These dashboards make it easy for decision-makers to make quick and accurate decisions while identifying trends and detecting issues before they become a real threat. Such real-time status of compliance can act as a base for compliance certification for CEO/CFO/Director.
- Centralized tracking: As compliance requirements constantly change and evolve, technology can help in centralized tracking of all litigations and assessments. Cloud-based solutions can constantly deliver government, legal, and regulatory updates and notifications and provide a single screen view of all pending compliances for quicker turnaround.
- Centralized storage: Modern solutions help store compliance-related data across challans, returns, and notices in a single place. This allows decision-makers to retrieve historical and confidential data from cloud storage whenever they want – with a single click of a button.
- Periodic reviews: Modern governance, risk, and compliance solutions can also carry out standardized and periodic reviews of various compliances with all exception reports. Personal AI assistants can monitor non-standard/non-regulatory matters and help standardize the event authorization process across the enterprise.
- Auto-computation of interest and penalty: Features across auto-computation of interest and penalty can result in more accurate compliance management while minimizing the chances of errors associated with manual processing.
Timely management of governance, risk, and compliance tasks is critical for enhanced data management, improved productivity, and sustained business growth.
A modern technology solution, with features across centralized tracking, management, and storage provides much-needed transparency organizations need to handle the complexities that come with compliance tasks. By following standard processes, they are able to maintain compliance uniformity while ensuring around-the-clock compliance, and, hence, minimized fines.