Corporate compliance requires adhering to policies, procedure, rules, regulations, laws, and standards which are established to protect your business, employees, stakeholders and all others involved in the organization. Right from obeying safety guidelines, to following the standards for payment of wages an organization must comply with all the local, state and federal laws at all the times.
Pertaining to the laws and standards and monitoring the compliance of the organization to enhance accountability and transparency, evolved as a major concern for Leaders. Monitoring responsibility not only refers to continuously observing potential violations but also includes over sighting possible compliance violations. Since the concept of compliance is a complex matrix, thus approaches related to process monitoring are quite complicated to identify. Monitoring the compliance of business processes with relevant regulations, constraints, and rules during runtime has evolved as a major concern in practice.
The cost of non-compliance and monetary fines have been continuously increasing in the past few years. However, leaders are getting impatient as these consequences would affect the organization in many ways. Increased complexity, dynamic changes, and individuals being held personally accountable are all set to continue because of continuous compliance failures.
The question might arise Why statutory compliance is required. It is required to comply with internal and external audits, laws and regulatory bodies to avoid legal consequences. Financial penalties and imprisonment are critical to ignore. It also degrades the brand value and equity thus hampering the reputation resulting to permanent shutdown. Advanced and automation technology driven solutions have come into picture to protect organizations from Non-Compliance.
The requirements and frameworks can be complex, and leaders and managers may not always be fully accustomed/updated about the latest rules and regulations.
Moreover, due to the numerous government guidelines for compliance, it can be bumped for organizations to find themselves in violation, leaving their companies vulnerable to penalties and even shut down. Having an inside out understanding of corporate compliance is crucial to safeguard your business from arriving danger of non-compliances.
The key benefits of using GRC SaaS such as VComply and technology driven process to exhibit business risk and ensure global expansion. It is real time, and cloud-based which helps in more transparency and accountability thus enhances the control and visibility. Alerts, notifications and escalations help to tackle with proactive business risks. Interactive compliance center also helps in changing priorities and delegating activities. Intelligent functionalities in the dashboard, analytics involved in alerts and mitigating risk secures the process furthermore.
After all ignorance of the law is the worst possible defense mechanism in case of compliances, and doing so with traditional structure is making deep holes in the pocket and adds risk.
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