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A risk management, audit workflow, and document ma
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ComplyGlobal is the cloud-based software platform that helps you govern and track your domestic and global regulatory requirements in real time to manage compliance risk. Your real-time compliance library and customized calendar – automatically created by our algorithm – facilitate compliance activities for each legal entity by automatically updating as regulations change.
Camsao is the leading solution for companies and teams to securely track compliance activities and avoid mistakes. Run compliance with confidence and ease. Get started today. Sign up for FREE.
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CloudEQMS - Enterprise Quality Management Software - The most comprehensive All-In-One Document Management, QHSE Risk and Compliance Business Optimisation Solution. CloudEQMS is offered as single application – switch on / off functionality to meet your organisations needs. No clunky expensive bolt-on modules.
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Comprehensive modular regulatory risk and compliance management suite for oil and gas, banking, finance, power & utilities sectors. Predict360 is an answer to the governance, risk and compliance challenges faced by organizations today.
A compliance Management software will make sure that organization complies with regulatory and legal compliances. There are certain rules which every organization should adhere too. A compliance software will help you gather all these compliance knowledge on one platform and will help the organizations regulate and maintain it.
The activities that are included in compliance Management solutions are:
Third Party Audits
Security Procedures and control
Reports Preparation with appropriate documentation
Developing and implementing new policies and procedures to ensure compliance
Many of the organization suffer due to lack of knowledge about compliance. Majority of times they are not aware of the compliance that is applicable to them. Based on the size of the organization the number of applicable compliances may vary from 100 to 10,000. Therefore, a large number of organizations go with compliance management system realizing their efficiency and robustness. With a mouse click it is possible to create compliance reports to provide it to regulators, auditors or legal team. If you have a compliance Management software all relevant documents can be stored in one place and everything is backed up on a server which is operated and maintained by compliance Software provider.
The compliance software can be divided into the following category:
Due-date based compliances: There are various statutory compliances for Income tax return, TDS return that every business entity has to follow on a timely basis i.e. weekly, monthly, quarterly, half-yearly etc.
Ongoing compliance: Every Act has a certain set of compliances that should be followed no matter what at every and any given point of time by an organization. For E.g. maintenance of books and accounts, complying with HR rules and regulations, hourly and monthly wages of employees etc.
Event-Based Compliances: These compliances are rare that gets triggered on the occurrence of an event such as moving to a new location, changing the name etc.
Regulatory Intelligence: The software should integrate, capture, store and monitor regulations from reliable and authoritative regulatory content sources. The software should also automatically map regulatory updates to risk, controls, and policies and help the business stay informed on such updates through automated notification and alerts.
Compliance Environment and Process Design: It should create a structured and logical control hierarchy that is internal to the organization. This should also include processes, assets and risk control with proper linkages between data elements. In addition to these, the software should also maintain associated policies and procedures, filing templates, reporting requirements and schedules for various regulations.
Compliance Assessments and Survey: The software should design control tests or self -assessment plans by forming surveys and questionnaires. The collected samples should be then assigned to control owners, testers, and assessors. Document the result of the control tests and self-assessments, capture non-compliance issues etc.
Reporting and metrics: Should give complete visibility about the compliance Management processes through graphical representation in form of dashboards that are equipped with drill-down capabilities. It should support configurable that can monitor key control attributes, process ownership, and similar other factors.
Some other things that your legal compliance Software should do to protect your business:
Keep employee updated about the Compliance Responsibility always.
Includes Compliance Requirements plus improves business processes.
Keeps an eye on the processes to make sure they are compliant.
Corrects and updates the documentation as and when required.
Stays up to date: Using a compliance Management solutions can help you save time and money, especially while tracking and implementing new rules, legislation and standards. In absence of a compliance software, it used to take one dedicated resource who would read all new regulations and determine if the organization was affected. If it does then necessary changes need to be implemented. On the other hand, compliance Management software can automatically track both internal and external changes and identifies processes and operations that are not compliant with new standards. This means you can also track what is happening while simultaneously focusing on other big things happening in the organization.
Risk Management: Compliance Management System allows risk management and assessment to be optimized. Since it is a software that is tracking the changes, potential issues can be identified in early stages before they become big problems. With a better understanding about the risks, better decisions can be made by the organizations about how and when things need to be changed.
Improves Business Processes: Compliance software solutions are not just about concentrating on the negatives like what are the consequences if the organization is non-compliant with new regulations or what are the risks associated when a process is revised, the software will also help in refining and improving business processes. The data mined after running a hypothetical change can help a business determine what are the best changes the organization can incorporate and how this will affect their productivity and profits. So, having a Legal compliance software will not only help you comply with the new regulations but will also help you increase your business productivity.
Reduces Cost and saves time: Compliance Software automatically tracks the changes that are made to the legislation, regulations and identifying potential issues thus making the entire process faster, easier than before. It also reduces human errors that could lead to fines, legal nightmares, or unnecessary or costly changes to business operations. Thus, OCM helps you target the most cost-effective solution for your business while taking into consideration both operations and compliance.
Build trust with your customer base: If you are unsuccessful in protecting your customer credit card information and if fraudulent purchases are made you will lose your potential customers and their trust. But complying with federal laws means that you are giving your best to keep the customers safe. A compliance record creates an impression that you are running a trustworthy operation.