18 Oct The right data in the right place at the right time
The right data in the right place at the right time
– why compliance systems are critical for your business
Walther Behrens, Co-founder of FINWorks
Over the past decade, we have seen the rise and adoption of regulatory compliance technology. Tech-based regulatory compliance solutions automate processes, enabling organisations to improve compliance levels across the organisation while lowering compliance-related costs. Such solutions consolidate regulatory compliance tools and features (such as regulatory feeds, compliance dashboards with real-time metrics, and document management) and deliver it under one unified platform for the whole organisation to use.
Data governance is essential for any company today. Data has become too important an asset not to ensure that it is compliant with the regulatory environment. Data compliance allows for data to be integrated more consistently and ensure only correctly assigned people can access the data at the right time.
How can I improve my regulatory compliance?
An organisation can improve its regulatory compliance levels by considering the following:
1. Making compliance accessible
Any organisation that wants better compliance levels must make sure that all such information and data is easily available at every point of the business process where compliance matters.
2. Make compliance visible
Visibility is why compliance technology plays such a crucial role in improving regulatory compliance. Management and compliance personnel gain a live view of the compliance status of the whole organisation when a compliance management system has been implemented. If there is a compliance issue it immediately becomes visible to all stakeholders and it can be resolved immediately.
3. Introduce automated controls
There is no need to rely only on the vigilance of every person involved in the business process. A more effective method is to introduce automation into the business process. Compliance management systems can also detect compliance issues. For example, if an important part of the compliance process has been skipped the system will flag the non-compliance immediately.
To bring data together at the right time and the right place, systems cannot be secondary to the process. Systems need to integrate compliance throughout all business operations. This ensures that your compliance becomes accessible and visible forming part of your overall business process.