Many executives feel that they have spent a lot of money on compliance without getting much in return. This is not surprising if they have restricted their efforts to short-term goals focused on passing annual audits. In this case, compliance spending is largely consumed by employees performing repetitive, manual tasks. However, if these executives had instead focused on developing a robust, long-term compliance framework, their investments would have lowered the cost of compliance and could have been leveraged enterprise-wide to reduce risk and increase efficiency. Organisations that use the knowledge, skills and technologies acquired through their compliance efforts to create a foundation for improvement in other areas of the enterprise can fully leverage their compliance spending.
Automating Compliance Management activity allows Compliance & Risk management specialists to concentrate their time and resources on producing tangible benefits for the organisation and not get bogged down with the administration of systems.
- Audit Scheduling,
- Electronic Audits, Reporting, & Follow up
- Online & Offline Assessments
- Customer Complaints & Feedback
- Corrective & Preventive Actions with electronic workflow
- Workflows for Approval & Variations
- Investigation and Task Workflow Management
- Interfaced to Risk Calculator for prioritising
Compliance Review Boards
This function tracks the preparation, holding, and recommendations of formal Review Boards. It takes inputs from Submissions and outputs Outcomes and CARs for monitoring. Board records are created during the scheduling of the next Board, updated pre and post Boards, and closed on Board Report Authorisation. On Authorisation all related Outcomes and CARs are also authorised but are not closed.
By formally managing the whole board process, due diligence, probity and transparency of each board can be assured.