Governance, Risk and Compliance

3 Reasons to Automate Your Regulatory Compliance Management

Posted June 13, 2017 by Resolver

We talk to companies all day, every day about how software can streamline business processes, automate routine tasks, generate arduous reports in seconds and most importantly… improve overall organizational efficiency.

If you’ve been using Microsoft Office to manage your company’s legislative and regulatory compliance requirements, prepare to be amazed by modern technology. Today’s software solutions for regulatory compliance management offer both out-of-the-box and custom options that can save your organization thousands of dollars spent on external legal counsel, regulatory fines, or reputational damage.

But what can Regulatory Compliance Management (RCM) software do that you can’t? The truth is, RCM software does not replace the need for a compliance team. It simply enables you and your team to work smarter… not harder.

Confidence in Compliance

Many companies still rely on external legal counsel and lawyers to interpret their regulatory compliance requirements. Legislative requirements are provided in a long list, obscured with legal jargon that makes it unclear how new legislation affects the organization. RCM software clearly outlines and defines the regulatory compliance requirements that pertain to your organization, and the content is kept up to date by a team of compliance professionals.

New legislative requirements are automatically added to the application, users are notified, tasks are assigned and you receive regular progress reports. Centralizing your compliance efforts in one platform provides complete visibility and confidence in your compliance program.

Up-to-date Content

Compliance is more complex than ever, largely due to the volume of new legislation and the frequency of regulatory change. If you’re waiting for an annual or quarterly update to your regulatory compliance requirements, you probably agree that these updates aren’t frequent enough and often expose your organization to non-compliance risk. RCM software works with compliance professionals to provide real-time updates to your platform with the specific legislation that applies to your organization.

Understanding new compliance requirements is simple when you can easily organize, manage and track all your compliance requirements and updates in a single application.

Process Automation

You know those tedious compliance reports that you spend hours building for your boss every month? There’s a way to do that with the click of a button. You can even automate a monthly email to deliver the report straight to your boss’s inbox. You can also automate control processes, risk assessments, alerts, and notifications. RCM software eliminates redundancy by automating your entire compliance program and helps you get back to managing compliance… not spreadsheets.

Want to see how Resolver’s Regulatory Compliance Management software works? Click here to book a demo.

About the Author