Compliance automation is the use of technology to automate compliance processes that employees had previously done manually.
It is powered by artificial intelligence, and uses cutting-edge technology to make compliance procedures easier and make compliance activities happen when they’re supposed to: as soon as regulatory requirements come along.
Compliance automation technology empowers businesses to streamline compliance-related workflows such as risk assessments, control evaluations, testing, and corrective action planning.
Automation tools do this by receiving a company’s security and compliance policies. Then, the regulations that pertain to an organization’s industry, configurations, accounts, inventories, and security procedures are copied into the compliance automation software to identify violations.
How Do You Automate a Compliance Process?
One of the ways to automate a compliance process is workflow automation for compliance, which allows you to program software to follow rules-based instructions to perform an entire task without human intervention.
Automation streamlines business processes. For example, rather than updating tasks manually, the software can automatically renew and track outstanding items and only alerts you based upon your pre-set rules.
The best-automated compliance solutions — those specially designed to replace spreadsheets — can evolve into a single source of truth for your compliance group and your organization. That is, those tools can be a repository for all your compliance data, so you won’t need to worry about making decisions that are based on incomplete, outdated, or erroneous information.
In addition, automation can provide you with peace of mind by tracking all compliance activity in one place: regulations, policies, standards, contracts, and clauses that may have once resided within web browser bookmarks, word documents.
What Are Examples of Regulatory Compliance?
Companies that process sensitive data would significantly benefit from implementing compliance automation tools.
Since regulatory requirements and laws are often updated (HIPAA and its privacy rules, for example), automating compliance processes provides more accurate information for internal auditors and senior leadership.
Organizations looking for an effective way to implement a robust information security management system and keep costs low should automate their GRC (governance, risk, and compliance) systems.
Regulatory technology firms provide technology that helps an organization to manage its regulation processes to meet the organization’s compliance obligations. The demand for regulatory technology is increasing as organizations become more aware of how compliance automation can mitigate the risk of fines from regulatory breaches.
The COVID-19 pandemic has also made it much more difficult for employees to stay on top of every compliance detail, causing the demand for compliance automation tools to accelerate dramatically.
What Does Compliance Automation Enable?
Compliance automation tools allow organizations to remain compliant and not subject to potential penalties and other financial consequences. In addition, the less a company’s compliance team relies on manual processes, the more efficient that team can be at handling more sophisticated, brainpower-intensive compliance tasks, such as drafting new policies.
The Benefits of Compliance Automation Tools
- More cost-effective than manual workflows.
- Availability of compliance status and risk stance from a central dashboard.
- Improved risk management decision-making with real-time data.
- Continuous verification of compliance requirements, management of third-party risks, and identification potential vulnerabilities.
- Reduced the likelihood of security breaches.
- Fewer reporting mistakes.
- Improved accuracy and compliance reporting.
ZenGRC Helps Businesses to Automate Compliance Processes
ZenGRC’s regulatory compliance management solution is an intuitive platform that identifies areas of high risk before those risks manifest as real threats.
ZenGRC’s workflow management features include a single dashboard that documents your control efficacy in real-time, making compliance paperwork a breeze. It also aids in the creation of an audit trail by documenting activities so you can back up your answers to auditor questions.
ZenGRC’s single source of information platform can help accelerate internal and external stakeholder communications while also providing the relevant documents, eliminating external auditor follow-up demands.
For more information on how ZenGRC helps businesses with compliance management, contact us for a demo.