The Red Flag Group®

Compliance management solution

 

Ten reasons why you need a technology solution to manage your compliance programme

Identifying and managing your risk pain points may appear challenging even when you have a good compliance programme. However, the burden that comes with managing an effective compliance programme can be lessened if you have the right tools and technology. Here are the 10 reasons why you need a technology compliance management solution to manage your compliance programme:

1. To organise the appropriate documentation for your compliance programme

We have often come across clients who do not document their compliance programmes appropriately; they are missing key policy documents or procedural manuals, or, conversely, become overwhelmed by a flow of superfluous documentation.

ComplianceDesktop® provides clear directions on which information and documents you may need to strengthen your compliance programme. The tool allows for an efficient and sustainable process to track, monitor and manage important documents, adding value to the business through the streamlining of these procedures.

The tool is also designed to assist with creating several coexisting programmes at once, such as programmes to handle:

  • anti-bribery and -corruption
  • conflicts of interest
  • anti-trust/competition
  • data privacy
  • intellectual property enforcement
  • export control
  • anti-money laundering
  • human rights
  • environmental compliance
  • other industry-specific compliance requirements.

As such, the tool can be applied extensively across the various activities of your organisation and will be applicable to the specific risks your organisation faces.

2. To gather and collate all the requirements for an effective compliance programme

ComplianceDesktop® features a range of independent tools acting side by side to not only prevent compliance breaches, but also to identify and remediate problems through the provision of a comprehensive step-by-step process.

By adhering to broadly accepted international standards of best practice, ComplianceDesktop® integrates the various elements that are required for an effective compliance programme in one location.

It also seeks to ensure that your programme considers the behavioural change that needs to take place in the organisation, rather than simply acting as a repository for manuals and policy documents.

3. To gain support from senior management

ComplianceDesktop® assists with one of the key aspects of maintaining an effective compliance programme: allowing sustained “buy-in” and commitment from senior management. As the tool thoroughly covers techniques and approaches to implement, monitor and measure a compliance programme, it facilitates the production of a clear set of data and metrics for demonstrating the value of a programme and ascertaining where improvement is needed. Once it is known what additional support is required, these needs can be clearly communicated to senior management.

Having such a comprehensive and powerful tool is also a great way to build employees’ confidence in your organisation’s compliance structure and develop a company-wide approach to compliance and ethics.

4. For increased capability for communication and awareness

Communicating on standards and procedures and conducting effective training programmes are critical aspects of an effective compliance programme. ComplianceDesktop® offers the capability to create and generate an easy-to-use communication plan, which details the appropriate material frequency of communication, which channels of communication are to be used and the person who will be responsible for each communication item, while providing guidance on the most appropriate audience. Having a communication plan that is clearly organised, easily accessible, and pragmatic in its application will help with the roll-out of pertinent information and identify the areas where training is most needed

5. To monitor and measure the effectiveness of your programme

An organisation’s compliance programme must be followed, and a compliance team should be able to detect conduct which is not in line with business standards and have the ability to periodically evaluate the effectiveness of the programme.

ComplianceDesktop® is dedicated to monitoring and measuring the effectiveness of programmes. The system allows the user to set up methods of monitoring compliance performance through the collation of various data elements. The results of this monitoring will then be captured in the system and described in detail. Focusing on particular compliance issues, measurable indicators will also assist in determining whether a particular area of concern has been resolved. As such, you can keep track of the status of your compliance programme and drive improvements using specific and accurate data, as opposed to making random, potentially uninformed decisions.

6. To quickly retrieve data for audit purposes

Organisations are constantly under scrutiny from regulators and business partners exercising audit rights. The challenge is to always be prepared and know how to handle auditors or controllers when they show up at your business premises. ComplianceDesktop® allows data from any compliance programme to be retrieved easily and quickly through the search. You can also readily provide reports on the content of individual sections of your compliance programme in hard-copy format.

7. To ensure benchmark and best practices

ComplianceDesktop® allows for benchmarking against recognised compliance frameworks to ensure that your compliance programme is conforming to worldwide best practices across all industries. The tool can be upgraded on a regular basis to cater for any changes in law, regulations or best practices, and to provide guidance on how the development of a programme might be best tailored to your business.

8. It is flexible and cost effective

A common thought is that building a compliance programme is complicated, time consuming and costly. ComplianceDesktop® is user-friendly and cost effective. The content of your compliance programme can be developed by utilising the three key features offered by our tool:

  • Self-management
  • Ready-to-use configurable industry and company-specific template sets
  • Bespoke documentation developed by our team.

These options allow ComplianceDesktop® to be very flexible – it can be entirely tailored to your business, whether large or small, to assist in running the programme efficiently and expediently.

9. It is accessible from anywhere

Because ComplianceDesktop® is built as a web-based service, it is accessible anytime and anywhere. There is no more need for multiple folders – the system is paper free so you can access your compliance programme in one click.

10. It is an integrated compliance software platform

ComplianceDesktop® can easily be integrated with other risk management solutions and services. This means you can have all your compliance activities in one portal, which allows you to roll out your programme quickly and efficiently and have complete control, right from its inception through to its continued development as your business grows.

COMPLIANCE MANAGEMENT SOLUTIONS

What is compliance management solution?

Finding the right compliance management solution can be challenging given the influx of boutique solutions providers in the market.

The past paced emergence of technological advancement, artificial intelligence, automation, machine learning, Internet of Things and predictive analytics in the compliance space has resulted in an explosion of compliance management solutions.

While some of these solutions are good fits for different types of businesses, others are way out of the league. This is either they can’t perform the job they are meant for or they simply can’t be configured into an already existing compliance framework.

What is a good compliance management solution?

A recommended compliance management solution is a complete compliance management solution that’s integrated, effective and practical to help users to manage key areas of their compliance programmes and make better business decisions on their partners.

A compliance management solution must be able to users manage their third parties, ABAC compliance, order due diligence reports, issue out and customise questionnaires, screen their partners, keep track of their Gift, Travel and Entertainment records, manage their whistleblower reports as well as their conflict of interest declarations.

The solution must allow users to manage all their compliance needs via a single integrated seamless system, available through a web portal, API or CRM.

A good compliance management solution must also be configurable into the users’ existing platform.

What are the benefits of a compliance management solution?

Using a compliance management solution compliance professional can seamlessly manage their compliance programme through a single automated platform, ensuring that all their compliance requirements are taken care of using an interlinked system.

For instance, compliance professionals can use a compliance management solution to request due diligence and trigger renewals after a set time circle.

This helps users to have a better oversight on their third parties.