The success of your business and the safety of your people largely rely on the process of compliance and risk management. Irrespective of the type and size of your business or industry, you are obligated to comply with a list of laws. Without the right systems in place you will increase the risks of non-compliance and potentially cause financial loss.
A compliance management system can help overcome the potential risks of non-compliance and stay ahead of the compliance requirements for your organisation. This blog discusses technological advancement in compliance management, and which components make it important for your organisation.
Compliance management system
A compliance management system is a collection of various features that help organisations fulfil their compliance requirements. It is the solution that helps perform compliance tasks faster and easier compared to traditional paper-based compliance systems. Reduction in human error, real-time information access, data security, and cost-saving are just a few benefits of a compliance management system.
Compliance management system components
A compliance management system offers an array of effective components to simplify the tasks of compliance management, prevention of risk, reporting, etc. Listed below are some of the most important components.
1. Compliance training and course builder
Providing appropriate compliance training to all your employees, suppliers, volunteers, and even contractors is a requirement of compliance laws. All businesses are required to make training resources available. A compliance management system will help impart this training. Advanced systems also allow you to design and build new training courses and push this training out to relevant employees – no matter where they are located.
2. HR policy templates and policy builder
A compliant workplace must have effective policies and procedures in place to be followed by all employees, suppliers, and volunteers. It is not just required by law, but it also helps build better workplaces where everyone feels safe, valued, and respected. A compliance management system should provide a feature to build and make available workplace HR policies. Some software also comes with built-in legally endorsed HR policy templates that can be implemented after consultation with your internal legal department. Sentrient’s workplace compliance management system provides these templates and policy builders.
3. Self-service records management
Workplace compliance requirements in a business also define how employee records are to be created and managed. Allowing each employee to enter their own information in the system, having it then verified by the HR personnel makes the task of record management quite easy. A well-designed compliance management system comes with this component.
4. Readymade audit and compliance reports
Reporting is often regarded as one of the core requirements of audits and compliance. Robust reports that help analyse patterns, avoid risks and make future strategic decisions are invaluable. Ready-made audit and compliance reports help streamline this process. A compliance management system must provide a powerful reports management component as a pre-requisite. This includes reporting on incidents, breaches and whistleblowing.
5. Compliance and safety culture surveys
Laws suggest that businesses engage in compliance and safety surveys regularly to determine any scope for improvements. A compliance management software should enable you to distribute online company-wide compliance and safety culture surveys.
Compliance management tasks can be simplified using the right technology. A tool that provides all of the above features in one place can help reduce the time and costs otherwise required to manage compliance and governance in your organisation. Sentrient’s compliance management software was built to include all the above components that intrinsically elevate your compliance regime.