Introduction
For almost any business, being compliant with regulations is an important part of operating efficiently. However, in some industries, it’s critical to maintain regulatory compliance or else face severe penalties and even the loss of your license to operate. For example, medical device manufacturers (MDMs) are required by law to meet specific standards for design review and manufacturing processes before their products can get approved for sale on the market – but complying with these regulations can be a challenge without specialized software tools that help streamline the process from start to finish.
Reduced risk of non-compliance
Automated Regulatory Compliance Management is one of the most essential tools for ensuring that your organization is compliant with all applicable regulations. As such, there are a number of benefits that organizations can gain from implementing an automated regulatory compliance management solution. Among these are reduced risk of non-compliance and reduced risk of fines, penalties, lawsuits, reputational damage and loss of business due to non-compliance.
Improved productivity for compliance staff
Automated regulatory compliance management software is designed to make your life easier by streamlining your compliance processes. It does this by automating multiple tasks that you would otherwise need to handle manually, such as:
- Compliance training – Automated eLearning modules can be used to deliver training at a time when it’s convenient for employees and managers alike.
- Compliance maintenance – An automated system will automatically check for changes or updates in the codes of conduct, policies and procedures supporting these regulations. If there are any changes, they will be highlighted so that they can be reviewed by management before being published on the intranet or other channels.
Access to a central hub of information
The central hub of information provides a single view into the regulatory compliance management program’s activities, enabling employees to easily find what they need as they need it. They can quickly access alerts for new regulations and related documents, allowing them to spend less time searching for information and more time on compliance. The central hub also helps streamline the process of creating new policies and procedures by providing an organized structure that makes it easier for employees to understand how their work relates to overall company goals.
Better insight into compliance issues
Regulatory compliance is a complex and difficult task for many organizations. With the introduction of new regulations, it’s more important than ever to ensure you’re in compliance with all applicable laws. If you don’t understand how your business is currently performing from a regulatory perspective, it can be challenging to identify areas where improvements are needed.
Automated compliance tools can provide insight into how your company’s processes and systems support regulatory requirements. For example, following a compliance framework will ensure that you have an incident management solution in place that will allow the system to detect and alert when there are potential issues that need further review—such as violations of GDPR or HIPAA rules within your organization. These alerts allow you to promptly address any issues before they become serious problems with significant financial penalties attached (e.g., fines). Without your automated compliance assessment and remediation steps, you may remain in the dark as to your obligations and requirements.
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See for yourself how the Centraleyes platform exceeds anything an old GRC
system does and eliminates the need for manual processes and spreadsheets
to give you immediate value and run a full risk assessment in less than 30 days
Smoother audit process
The audit process is a key part of compliance management. A smooth and efficient audit process is essential to ensure that your organization is in full compliance with all regulatory requirements. Automating the audit process can help you achieve this in three ways:
- Automation helps you complete audits faster. With automated processes, auditors don’t need to spend as much time gathering data from multiple sources or manually entering information into a system. This means they’re able to complete their audits more quickly and get back to their other responsibilities sooner.
- Automation reduces human error when it comes to entering data into an application or database – again, making it possible for auditors to complete their work more quickly without having as many errors slowing them down along the way.
- Finally, by automating key parts of your audit system (such as logging), you’ll be able to ensure you stay compliant on a continuous basis with audit requirements and reduce the likelihood of receiving penalties or fines for non-compliance.
Improved ROI on compliance investments
- Improved ROI on compliance investments. Automated compliance management can help you make the most of your resources—and raise your ROI by reducing risks, improving productivity, and centralizing operations.
- Reduced risk of non-compliance. With a streamlined workflow in place, employees will be able to complete their tasks faster and more efficiently—while also providing better insight into compliance issues as they arise. This means that there’ll be less time spent addressing non-compliance issues later on down the line, avoiding costly consequences.
- Access to a central hub of information. With automated processes in place, all relevant data is available from one central hub so that you don’t have to waste time searching for it across multiple systems or databases. This also gives internal auditors access to all necessary information for their audits without having to wait until certain individuals respond with answers (or even worse: when these people are out sick).
Automating regulatory compliance management is a key way to improve your business operations.
Automated regulatory compliance management is a key way to improve your business operations. Whether you’re a small company or a large global organization, automating regulatory compliance can help you achieve regulatory compliance in a cost-effective way and in a timely manner.
Automation will allow you to:
- Meet key deadlines more easily and consistently
- Reduce manual errors that can cause costly delays later on down the line
- Monitor and track your overall progress toward meeting all applicable requirements of various regulation bodies so that no one is left behind (and no one is getting ahead)
Conclusion
If you’re looking for a solution that automates regulatory compliance management, consider implementing one today. It will help your business avoid fines and penalties, improve productivity for compliance staff, and have access to important information about compliance issues at any time.
Start Getting Value With
Centraleyes for Free
See for yourself how the Centraleyes platform exceeds anything an old GRC
system does and eliminates the need for manual processes and spreadsheets
to give you immediate value and run a full risk assessment in less than 30 days
