Smart Compliance: Enabling Your Business To Succeed
Compliance processes are typically expensive, time-consuming and reactive rather than proactive; all these aside from the high costs associated with non-compliance. A Smart Compliance Process is one that encompasses a holistic integrated approach, leveraging technology to facilitate a more agile process, making compliance teams more efficient and effective with the ultimate goal of generating greater value for the organisation.
Compliance is ever-changing. It is an extremely broad area with many different meanings and evolving requirements. Before, compliance was primarily confined to the financial services sector, but now it has become a fundamental cornerstone of all organisations, no matter the industry. Businesses are faced with a variety of regulations, directives and laws that define their daily operations, covering a wide range of areas – from data protection in the HR department to tax and corruption in the finance department.
For all organisations aiming for successful compliance processes there is a lot at stake. Managing these often leaves compliance teams facing questions on how to integrate all required regulations, keep their costs down and maintain programs that enable the organisation to easily adapt to change. Feeling lost in a sea of spreadsheets and paperwork with no view of real transparency is not uncommon for many enterprises.
As the world shifts and business environments change, the need for digital compliance management that can provide efficiency, clarity and collaboration across different business functions is becoming increasingly hard to ignore.
If your organisation is still reliant on manual compliance management, chances are information is segmented and your compliance work is not as integrated as it should be. These approaches usually result in blind spots that prevent compliance managers, across various functions, from working together seamlessly. As a result, companies often overlook key information or insights that can potentially help them work towards achieving compliance with fewer resources and effort.
Compliance work is more effective when addressing standards and regulations by their commonalities, rather than individually. A smart compliance process is one that encompasses a holistic integrated approach towards managing compliance, vertically and horizontally.
At Alyne, we understand the need to simplify, digitalise and automate processes to minimise guesswork as well as foster collaboration across your organisation; all while maintaining transparency and consistency across your Control Framework.