Worried about making the wrong choice when deciding on which compliance management solution will best fit your business’s requirements? We have a quick guide which should help.
But, before we get into that, here is a question to mull over. Why are you looking for a compliance management tool?
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Is it because the Board has asked you to buy one?
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Is it because all your competitors have similar solutions?
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Will your success be measured by how much money you could save your business while buying the solution? Or,
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Will it be measured on how effectively the solution has helped you identify, monitor and manage the compliances in your organisation with the eventual aim of coming as close to 100% compliance with laws as practically possible?
If the last is your primary goal, read on.
While there are many things that might be important for an efficient compliance management solution, we have listed out the top six things that you should consider while deciding on a compliance management solution.
1. Legal Content
The core of compliance management solution is the content, otherwise its just a management tool. The quality of a compliance management solution can be judged by the kind of legal content it offers. The work of a compliance management solution is not to provide a mere list or dump of compliances, but to break it down to smart and easy actionable so it is easier for the team to implement. The checklist must be an outcome of a thorough research and business discovery. It should be comprehensive but limited to the ones which are applicable to your business.
2. Detailed Reporting
Every company prefers to draw reports in their own way. Thus, the most efficient reporting system should give you an option to slice and dice the report or customize as per your need. It should allow users to navigate to different layers of data granularity by clicking on any data element.
3. Legal Updates
The change in law is the biggest pain point of in-house lawyers. To track changes to all applicable central laws, state-specific laws, municipal or local laws can be overwhelming. The compliance management solution should be bundled with a concrete mechanism to provide legal updates in a timely manner. It should be an ongoing activity and only relevant updates should be shared with the appropriate stakeholder.
4. Alerts and Reminders
Alerts and reminders are probably the most basic feature that you expect, however the ability to customize these alerts and sync them with your google/outlook calendar is something you should consider. A robust workflow with makers, checkers and escalation points is definitely required to make your compliance tool effective.
5. Mobility and Flexibility
Cloud gives you the freedom of uploading documents and creating a repository from one location and being able to access them from anywhere in the world at your time of need. Several users should be able to log in parallelly and be able to perform their compliance responsibilities. A mobile app is a must if you have people responsible for compliances working out of a factory or a site.
6. Security Certification
Your compliance and sensitive data must have a powerful security system. Your compliance system should have all mandatory security certifications, should be carrying out penetration tests and should be compliant to all the security measures prescribed.
While Price will always be a factor, but when you are considering a compliance tool, we know you have already chosen an effective system to mitigate compliance risk over price.
With over a decade of experience, Lexplosion has been mitigating the compliance legal risk of countless organization. Komrisk, Lexplosion’s flagship compliance management software, has been catering to all of the above and little more, to mitigate the compliance risk of 200+ companies, across 25+ industries and operating over 20+ countries in globe. If you are assessing a compliance management software for your organization, contact us for a Komrisk demonstration right away.
Written by: Amala Halder
Reviewed by: Kanishka Bose, 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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