Maintaining compliance with relevant rules and regulations is crucial for organisations in the complicated regulatory environment of today. Manual audit procedures frequently end up being time-consuming and subject to human mistakes, which results in inefficiencies and possible compliance gaps. Organisations can now streamline their compliance efforts and improve the accuracy and efficacy of audits thanks to the development of automated audit management technologies like Komplied. In this blog, we will look at how Komplied, Lexplosion’s automated audit management solution makes it easier to find relevant laws, create audit questions, and produce thorough audit reports.
Identifying Applicable Laws
Komplied distinguishes itself from the competition by utilising its cutting-edge algorithms and logic to pinpoint the precise laws and regulations that apply to an organization. The solution swiftly analyses pertinent legal frameworks depending on the industry, geography, and other important criteria by posing a few required questions. The time and effort required for manual research are greatly reduced by Komplied, which also makes sure that businesses concentrate on the most important compliance requirements.
Creating Customized Audit Questions
After determining which laws apply, Komplied creates audit questions that are specifically suited to the audit’s time span. A series of questions are dynamically generated by the solution’s clever algorithms based on the legal requirements and compliance duties. These inquiries touch on a range of corporate processes and support auditors in determining the success of compliance. Komplied makes sure that audits are thorough and in line with the particular compliance landscape for the allotted period by automating this procedure.
Engaging Department Stakeholders
Komplied’s collaborative approach involves engaging department stakeholders in the audit process. The tool shares the audit questions with relevant department heads or stakeholders, prompting them to provide responses and evidence of compliance. This streamlined collaboration allows for a more accurate assessment of compliance practices across different departments. Stakeholders can easily provide their input, ensuring a thorough and efficient audit process. Any identified gaps or areas of non-compliance can be addressed promptly, minimizing the risk of potential regulatory violations.
Auditor’s Role and Enhanced Reporting
While Komplied automates many aspects of the audit process, it also recognizes the value of human expertise. Auditors (internal or 3rd party) play a crucial role in reviewing the responses provided by stakeholders and verifying compliance. Komplied empowers auditors with comprehensive visibility into the audit progress, providing them with the necessary tools to identify potential gaps or issues. If required, auditors can request additional information or clarification from stakeholders to ensure a thorough evaluation.
Based on the responses gathered and the Komplied automatically generates a detailed audit report. This report outlines the compliance status of the organization, identifies any areas of non-compliance, and suggests remedial actions to address the identified gaps. Automated report generation significantly reduces the time and effort involved in creating comprehensive audit reports, enabling auditors to focus more on analysis and strategic recommendations. The best part is, you can get the real-time status of your audits and take necessary actions from day 1.
Komplied’s automated audit management solution brings a new level of efficiency and accuracy to the compliance audit process. By leveraging intelligent algorithms, it identifies applicable laws, generates customized audit questions, and engages department stakeholders to gather responses. The collaboration between the tool, stakeholders, and auditors ensures a comprehensive evaluation of compliance practices and helps organizations proactively address any identified gaps. With enhanced reporting capabilities, Komplied enables auditors to provide valuable insights and recommendations for improving compliance practices and minimizing regulatory risks. Using an automated solution like Komplied, organizations can enhance their visibility & reporting, improve collaboration, manage their documents & streamline their compliance efforts, thereby minimizing their regulatory risks.
Written by: Kanishka Bose
Co-authored by: Saikat Mondal
Disclaimer
All material included in this blog is for informational purposes only and does not purport to be or constitute legal or other advice. This blog should not be used as a substitute for specific legal advice. Professional legal advice should be obtained before taking or refraining from an action as a result of the contents of this blog. We exclude any liability (including without limitation that for negligence or for any damages of any kind) for the content of this blog. The views and opinions expressed in this blog are those of the author/(s) alone and do not necessarily reflect the official position of Lexplosion Solutions. We make no representations, warranties or undertakings about any of the information, content or materials provided in this blog (including, without limitation, any as to quality, accuracy, completeness or reliability). All the contents of this blog, including the design, text, graphics, their selection and arrangement are the intellectual property of Lexplosion Solutions Private Limited and/or its licensors.
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