We all understand how crucial compliance management is in ensuring smooth business operations, mitigating risk, and avoiding reputational damage. But just because it is important doesn’t mean it has to be a tedious task.
Let’s take a look at the diverse compliance challenges:
1. Lack of Transparency
While the designated team may be doing their best to ensure compliance, other departments in the company may be in the dark about why that is important. Why do we invest that much? What is the result? How can we measure it? Such questions often remain unanswered and lead to decreased compliance efforts and investments. That in turn can have a detrimental impact on the company.
What is more, compliance efforts are often distributed among different organizational units that do not communicate and share knowledge with each other. In many cases, this leads to ad-hoc efforts to fulfil the requirements for compliance (usually around the audits), which is unproductive and time-consuming.
2. Lack of Unified Approach
The different hierarchy levels in the organizations have different points of view when it comes to compliance. On one hand, we have the business executives who want to see “the bigger picture” of how compliance management complements the other business operations. On the other hand, we have experts dealing with audit and compliance who only have a narrow focus in their field. And then, there are the operation teams who need clear, concise, and visible requirements to execute their work.
All of this leads to many challenges during the audits, including trouble reaching an agreement on what the auditors expect and finding the right way to report the work done.
3. Labor-Intensive and Manual Work
Preparing for the annual audits is labour-intensive and often takes days – sometimes even weeks – to complete. The audited environments and systems need review and long and complicated reports. Often this is done manually and based on limited data. Thus, generates all kinds of challenges, including unmet management expectations, inaccurate conclusions, and unrealistic data.
Does any of this sound familiar to you?
The good news is that it doesn’t have to be like that forever.
At BRIGHT, we offer a NEXTGEN Compliance Management and Automation Solution. It helps businesses streamline their processes and forget about all that messy manual work. The solution can help your teams work smarter. Here’s how we do that.
Getting Everyone On Board
BRIGHT’s Compliance Management and Automation Solution get everyone on board. It provides all stakeholders with access to the same data and the necessary level of details for each audience. That ensures transparency of operations and facilitates much more effective communication for everyone involved.
1. Staying Up-to-Date with the Requirements
The solution ensures that your company is always up-to-date with the latest requirements in business:
Aligning the strategy, the vision, and the tactical elements;
Offering a clear picture of how the different investments and projects reflect the company’s level of compliance.
2. Reducing Manual Work
The Compliance Management and Automation Solution help minimize, and in many cases eliminate the manual work that we usually associate with audits, compliance checks, and investigations.
3. Providing Near Real-Time Compliance Insights
The solution demonstrates the level of compliance in close to real-time mode, ensuring transparency and control at any given moment.
4. Increasing Flexibility
The infrastructure is an ever-changing element. The more flexible we are, the higher the guarantee that we can rapidly adapt to sudden changes. Both when it comes to on-premises and cloud-based software. With BRIGHT Compliance Management and Automation Solution, you won’t be dependent on where the organization’s infrastructure or environment is located.
Improving Both Operational and Audit Compliance
Another significant advantage of the solution is that it simply makes life easier for both the operations team and audit personal. It reduces the amount of effort needed to make the audits.
5. Industry Benchmarking
The solution, which supports a variety of compliance frameworks and standards, provides you with information on where your company stands compared to the industry average at any given time.
Are you interested to learn more about how you can reduce the company workload while achieving a more transparent, effective, and flexible compliance management? Discover more information here.