To comply is to – breathe and survive for organizations today. With a profound ‘Darwinism’ approach, being compliant has emerged as a business necessity, more than ever before. Global organizations face an acute need to meet various regulations, standards, and compliances pertaining to their respective industry. To stay regulatory-ready is an unrelenting challenge, getting it wrong can result in unfavourable situations.
While the regulatory landscape is constantly changing and growing tremendously; it requires Herculean efforts to comply with the range of regulations. Changing demands in the current regulatory scenario is not reaching its zenith any time soon.
Also, a significant change in government can result in long-lasting repercussions on the compliance landscape. For example, global events like Brexit and change of administration in the US will ‘ruffle the feathers’ on the compliance arena for years to come. With this, regulatory change and ‘uncertainty’ are back in the spotlight.For companies to avoid substantial fines, it is vital not to become a victim of potential regulatory fatigue. Otherwise, the organizations’ credibility and viability amongst its customer base are at considerable risk. Let’s take a quick look at the challenges that prevent compliance from happening in organisations:
Top Three Compliance Management Challenges:
1. Too Many Siloes
To suit the latest regulations, different compliance requirements pop up. In companies, there are isolated teams, roles and activities with their own different sets of requirements. With too many siloes to manage, there is a lack of seamless integration and communication that results in the duplication of efforts, waste of resources and multiple, clumsy and inefficient systems.
With low or non-existent compatibility between various siloes, it is difficult for senior management to get an insightful overview of their company’s current compliance status. It becomes difficult to perform a timely assessment of the compliance risks.
2. Dependency on Generalized Software
It is a serious concern for companies depending on widespread software solutions like generic office documents or home-grown systems for audits. As compliance needs become more complex, these systems become ineffective and turn more risk-prone. For instance, there are high chances of manual errors while working on spreadsheets. It is also difficult to maintain audit trails and activity logs in generalized software.
It is difficult to use traditional or legacy compliance software products, as they are not designed to meet the constant changes or upgrades in regulatory requirements.
3. Absence of Latest Technology-based Platforms
Legacy systems fail miserably to echo the dynamic regulatory updates and to simultaneously transform the organizations work culture to “fit the bill”. With the use of legacy systems, there is no way to highlight indicators of compliance risks. Reducing human-dependency on repetition, technology-based compliance managemSent solutions are an effective way to monitor and assess a huge number of transactions. Simpler and easy to use solutions help to embed precise processes and drive operational excellence for organizations.
What’s the ultimate Way Out?
Break the “Back of the Beast” with a Compliance Management Software Solution
It is a wise option to manage the complete audit lifecycle with one centralized system. ECAT, an intelligent and sustainable audit management software solution is the way out to fight the challenges in compliance management.
It eliminates the disparity caused due to isolated siloes’ and creates a clear communication channel between various departments. Due to automated processes, there is a significant reduction in human dependency and errors. These cloud-based solutions are secured and give 360 ̊visibility into audit performance. All in all, it works as an ideal catalyst to help processes follow regulations and become compliant.
Streamline Compliance with ECAT
Audits and compliance management should work as an enabler of growth for organizations by reducing the cost of implementation and building trust. Against the backdrop of globalization, it is important to maintain audit-ready systems, assess business risks, embed standardization and unify intelligent processes. Build cost-effective scalable operations and meet industry challenges with ECAT, technology-based audit management software solution. Tell us your challenge- and let’s solve it together.