Compliance management is the process that lets an organization manage its compliance-based requirements. It basically ensures that a given set of people follow a given set of rules. These rules need to be complied with, and hence are referred to as compliance benchmark.
They can be in various forms, such as policies, procedures, security control, technological enforcement and internal audit etc. They could be also a mix of any two or more of their forms. Such programs are not a one-time affair; for a sustained growth and development, organizations are designing them in such a way that they could be repeated again and again to meet various compliance deadlines.
The various benefits of compliance management programs are:
Leads to the good functioning of business and resource allocation: Implementation of such programs leads to the identification of areas and processes that are redundant or inefficient. This disclosure helps a company to divert its both tangible and intangible resources towards more productive processes.
Integrated approach to governance: Traditionally stand-alone applications or paper-based systems have been in use to manage compliance processes. This often leads to multiple systems which contradicts processes and results in unnecessary documentations. Overall, it brings down efficiency of an organization. Integrated compliance management programs, on the other hand, provide for an integrated approach to business governance.
Are cost-effective: With the implementation of such programs, business processes can be streamlined, which can result in reduction in wastages of resources, thus saving costs for the company. The programs can be repeated for different projects, which again results in saving the costs of a company.
Better risk taking ability: Risk taking ability of an organization increases with the ready availability of better and refined information at its disposal. As such information can be quickly analyzed and worked upon, better and more accurate decisions can be taken€"that too without investing too much of the time.
Productive, efficient environment: The implementation of such programs leads to more productive and efficient business environment. All activities are diverted to the concerned people and departments, which results in the enhancement of the overall productive capacity of an organization.
Regulatory fulfillment: Such programs also help companies to comply with regulatory and legal requirements, which in turn saves them from probable penalties and fines.
Compliance management programs give companies an image makeover and lead them to an integrated approach to governance and risk, which eventually rewards them with financial benefits.
They can be in various forms, such as policies, procedures, security control, technological enforcement and internal audit etc. They could be also a mix of any two or more of their forms. Such programs are not a one-time affair; for a sustained growth and development, organizations are designing them in such a way that they could be repeated again and again to meet various compliance deadlines.
The various benefits of compliance management programs are:
Leads to the good functioning of business and resource allocation: Implementation of such programs leads to the identification of areas and processes that are redundant or inefficient. This disclosure helps a company to divert its both tangible and intangible resources towards more productive processes.
Integrated approach to governance: Traditionally stand-alone applications or paper-based systems have been in use to manage compliance processes. This often leads to multiple systems which contradicts processes and results in unnecessary documentations. Overall, it brings down efficiency of an organization. Integrated compliance management programs, on the other hand, provide for an integrated approach to business governance.
Are cost-effective: With the implementation of such programs, business processes can be streamlined, which can result in reduction in wastages of resources, thus saving costs for the company. The programs can be repeated for different projects, which again results in saving the costs of a company.
Better risk taking ability: Risk taking ability of an organization increases with the ready availability of better and refined information at its disposal. As such information can be quickly analyzed and worked upon, better and more accurate decisions can be taken€"that too without investing too much of the time.
Productive, efficient environment: The implementation of such programs leads to more productive and efficient business environment. All activities are diverted to the concerned people and departments, which results in the enhancement of the overall productive capacity of an organization.
Regulatory fulfillment: Such programs also help companies to comply with regulatory and legal requirements, which in turn saves them from probable penalties and fines.
Compliance management programs give companies an image makeover and lead them to an integrated approach to governance and risk, which eventually rewards them with financial benefits.
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