Why Are Regular Compliance Reviews Critical for Your Business?
It is no secret that compliance is often overlooked as a task meant only for risk management teams. That could not be further from the truth: compliance is an enterprise-wide job. It is important to educate team members and collaborators about the necessity of compliance and regular review.
Software can simplify compliance reviews by dividing it into requirements, locations, projects, or industries. These can include requirements, locations, projects, and industries. Effective software can strengthen compliance and simplify problems with risk or new regulations.
This article will cover the basics of a compliance review and why it is critical for your business.
What Does a Compliance Review Entail?
A compliance review audits the processes followed to meet compliance requirements. This is often conducted by the risk management department. They use guidelines and checklists to make requirements clear and understandable. Compliance reviews can produce actionable insights from which you can start improving compliance.
Are There Steps to Conducting a Compliance Review?
There are a few critical guidelines for conducting a successful review. Following these steps ensures everything is accounted for and improves compliance.
- Assess Your Compliance Rate: Measure how high your compliance rate is at the moment. See if there are missing documents or overlooked requirements. Look in all your departments—generate a report.
- Use Insights to Make It Better: Use your results to advise other departments where compliance issues arise and how to fix them.
- Make Accountability Matter: Clearly communicate results and responsibilities. Who should have paid more attention? Who should have checked twice? Do it with respect but strictly.
- Improve and Upgrade: Assess compliance and improve the urgent areas. Then improve your process. As an example, if the compliance assessment took a week, work it so that it only lasts three days next time. Automate when possible.
- Review, Enhance, Repeat: Compliance is a never-ending task. Make sure you conduct compliance reviews regularly.
Why Are Compliance Reviews Fundamental for Businesses?
In an industry where standards and legal regulations constantly change, non-compliance is a constant threat. A non-compliance issue may have consequences as serious as legal penalties and financial risks at first hand, and even security and cyber breaches on a deeper level.
The primary purpose of Compliance is simple, to identify and avoid liabilities in your business. In that vein, Compliance Reviews help you keep a keen eye on things regarding compliance. Ignoring compliance reporting could allow a malicious criminal to exploit any compliance risk.
Businesses that implement regular compliance reviewing have been able to find compliance risks and mitigate them in time.
Benefits of Effective Compliance Reviews
Conducting Reviews and their ensuing compliance reports brings many benefits to your business. The most significant benefits of Compliance Reviews are:
- Peace of mind: Regular compliance reports provide concrete evidence of where your business stands with compliance.
- Greater client assurance: A thorough compliance review generates greater confidence in your clients toward your business.
- Risk mitigation: There mere existence of a compliance review generates enough data to create action and mitigate risks.
- Avoiding legal liability: Non-compliance is essentially ignoring a legal requirement. You are liable for whatever happens if that risk comes to fruition.
- Upscaling your company correctly: staying in compliance lets you expand your company continuously without risking a lawsuit.
Is There a Way to Improve Compliance Beyond Compliance Reviews?
Thanks to technology, there is a way to improve compliance even further. Compliance Tracking Cloud Native software makes everything better. When you upload essential documents to a system you can access anywhere, it is always working, and there is no way to lose your data. Peace of mind is assured.
At the same time, having all related documents in a centralized location means no more coming and going between folders. It is a matter of having a comprehensive view of both the requirements for compliance and which of those are met.
Compliance tracking software also features workflow automation. Putting the right people on the right compliance tasks increases accountability. Workflow automation coordinates everyone. That way, each person works when they need to work, so there are no wasted efforts.
There are also smart categories, which enable you to have a comprehensive view of your compliance conditions. Do you manage a dozen projects? You can filter per project. Are you working on one project with 5 locations with different requirements on-site? You can filter per location, and so on. Compliance tracking software is here to make compliance management accessible and user-friendly.
SmartCompliance: Compliance Tracking for Compliance Reviews
It is a win-win! Compliance tracking software uploads to a cloud-native system. Thus, it keeps your information organized, centralized, and protected from loss.
But that is not everything: SmartCompliance can process several documents and keep your organization in check. It goes further than insurance. W-9’s for example is inside the processing capabilities of SmartCompliance.
The Optical Character Recognition engine helps process documents faster, enhancing productivity and efficiency because of the potential for OCR (Optical Character Recognition) to translate the entire document into a digital version. This does not only work on Accord Certificates but also other compliance documents.
Integrations are also a part of SmartCompliance. The philosophy behind it is to cut friction, thus making your life easier. So, you have Single Sign On, an integration for financial services, one for franchise management and one with one of the strongest constructions firms in the world. The best news in this regard is that smartcompliance keeps adding integrations regularly.
Want to learn more about compliance management? Go to smartcompliance.co and see how technology improves your business.
