With laws and regulatory requirements evolving on a continuous basis and the stakes incredibly high in most industries, compliance professionals face the challenge of eliminating whatever might be standing in the way of conformity. Despite the fact that many organizations have already invested significantly in maintaining compliance, their efforts are often undermined by something as basic as improper or inadequate reporting. That’s where compliance automation comes into play.
The outcome of companies that fail to prioritize compliance can be seen all around us. Almost daily, another headline appears highlighting the downfall of yet another promising startup. Not only do failures in this area impact the company itself and its customers and investors, but these incidents also tend to result in a tightening of compliance regulations. So, in essence, when one organization messes up, everyone in that industry (and sometimes beyond) must pay to some degree.
When it comes to compliance, there are a number of ways a company can head down the wrong path. Businesses are tasked with staying on top of complex regulations and deal with the time, money and other resources that are consumed by ongoing data gathering and compliance monitoring. Streamlining reporting through compliance automation can alleviate much of this burden. But how? What’s the best way to transition from manual to automated (and therefore more auditable) processes?
The simplest solution is to eliminate as much human interaction from your workflows as possible. Compliance automation delivers much more than enhanced efficiency. It also provides a number of benefits as they relate to risk management. With an automation and orchestration platform in place, compliance teams can rest easy knowing that they are in good standing with all regulatory requirements.
Furthermore, come audit time, all the relevant data will be available at the click of a button. With automated workflows, there’s no laborious data gathering or risk of erroneous reporting. Most critically, because the business will remain compliant, it will also remain safe from potential penalties and other costly consequences. The less the compliance team relies on manual processes, the less exposure there will be for the company as a whole.
Remember – compliance problems don’t only result in costly fines and penalties. They can also wreak havoc on a company’s reputation, market value and more. By integrating automated technology into the compliance process, businesses can effectively eliminate additional risk of human error that could threaten to derail an otherwise sound operation. Compliance automation facilitates a repetitive, easily monitored and managed set of workflows, gathering data in one single platform and exposing potential issues so they can be addressed before they become a serious problem.