The Challenges in Compliance Management www.aparajitha.com
INTRODUCTION Regulatory compliance shows up as one of the biggest challenges faced across all industry verticals. What is intimidating is the rising cost, number of resources and the time it takes to put together an effective compliance management system in any organization.Â
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INTRODUCTION It is not a ‘one size fits all’ solution so every organization has to go through the drill and experience its share of disasters, learning and evolution before it comes up with a system that is good enough, at least for the near future.
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CHALLENGES Clear and frequent communication of compliance policies Rising Cost to ensure preparedness Outdated software
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CLEAR COMMUNICATION OF COMPLIANCE POLICIES This is often a byproduct of the compliance siloes we discussed earlier. Different departments use different pieces of software to suit their interim requirements without proper records of renewals and policy updates.
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CLEAR COMMUNICATION OF COMPLIANCE POLICIES What to do about it: Have you thought of compliance training for your organization? It offers a great platform for communicating and building a compliance culture. Implement a compliance training calendar and make employees part of the training and execution program.
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RISING COST TO ENSURE PREPAREDNESS Organizations are finding a steady increase in their compliance budgets thanks to the increasing regulatory and human resources compliance requirements.
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RISING COST TO ENSURE PREPAREDNESS What to do about it: Create a quarterly review process with an eye on ROI improvement. Use compliance software that can capture the data and research to justify the benefits of the program. This will even help you present a case for additional budget.
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OUTDATED SOFTWARE Different departments use different pieces of software to suit their interim requirements without proper records of renewals and policy updates.
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OUTDATED SOFTWARE What to do about it: This clearly shows the compliance system has failed. It is the responsibility of the compliance head to ensure tracking and monitoring of all software renewals. It’s critical you repair this first before you take any other steps for compliance management. As mentioned earlier, you need to identify and evaluate the right compliance software vendor and build your compliance system bottom-up.
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The End www.aparajitha.com