It doesn’t matter whether you’re a financial adviser, the CEO of a healthcare organization, or manager of multi-level IT projects: to develop a successful business, you must stay in compliance with regulatory obligations at all times.
That isn’t easy, because compliance requirements, rules, and regulations change constantly. Global businesses can face real headaches on this point, since they face so many jurisdictions updating regulations, and in multiple languages.
Risking non-compliance, even for a brief period, can harm your company. Recurrent compliance issues result in fines and penalties from regulators, you run the risk of missing out on lucrative contracts, or you may not be able to retain your clients. Also remember that some regulatory changes are aimed at protecting your business; non-compliance can get very expensive.
The drawbacks of manual compliance
Compliance management is probably already part of your risk assessment process, but it can be difficult to stay current on everything in a rapidly changing business environment. Manually maintained compliance management tools, kept in databases or spreadsheets, are prone to human error and may ignore new vulnerabilities. They also fail to suggest which corrective action should be taken. Auditing compliance management tools built in-house or establishing your own compliance program from scratch can become a time-consuming and frustrating experience.
Automation creates a competitive edge
A compliance management software system that uses automation can take most of the worries out of compliance management. Powered by artificial intelligence and using the most up to date automation, this software can streamline your compliance processes, and make compliance activities happen when they are supposed to: as soon as regulatory requirements change.
High functionality gives you peace of mind and frees your compliance team to take any urgent, hands-on corrective action that may be needed.
Fully automated compliance management software works by scouring regulating authorities and their publications, searching for new regulatory requirements, and then alerting you to the changes.
It works on holidays, weekends, and workdays, no matter what time of the day it is, anywhere on the globe. Automated compliance management software will alert you to potential vulnerabilities in real time, and point you toward the corrective action you need to take. It makes your risk management process more robust and alleviates burden from your team.
If you answer yes to any of the following scenarios, the time is right for automated compliance management solution:
- You are expanding your business, conquering new territories like the European Union, which is a completely different regulatory environment.
- Your business is moving into new areas of tightly regulated compliance, such as U.S. Defense Department contracts.
- Your internal workflows changed because of COVID, and won’t return to pre-COVID structures any time soon (for instance: your remote employees will stay remote).
- The amount of penalties and fines you are accruing is going up, not down.
- Your staff struggles with dedicating sufficient human resources to risk management and compliance activities.
Cybersecurity and compliance management tools
No matter what business you’re in, we are here to help make the transition to automated compliance management software smooth. Let us show you how to keep your competitive edge while keeping cybersecurity and compliance top priorities.
ZenGRC’s compliance, risk, and workflow management software is an intuitive, easy-to-understand platform that identifies areas of high risk before those risks manifest as real threats.
Worry-free compliance management is the ZenGRC way. For more information on how ZenGRC can enable your CMS, contact us for a demo.