Why You and Your Board Need an Automated Compliance System
Shifting regulatory requirements burden industries with additional challenges and disruptions and make compliance management more important than ever. As though that’s not enough pressure, the unprecedented urgency for compliance from leadership and the Board of Directors is compounding the strain on organizations.
It’s clear a new approach is imperative to keep up with the changes and challenges to compliance in today’s evolving workplace.
“With the evolution of increased compliance activity and the Great Recession, it requires boards to be pretty actively involved, more operationally than before.”
– Merilee Raines, chairwoman of the board’s audit committee at Watts Water Technologies
So, how do you keep up?
The answer is pretty simple: an Automated Compliance System! Your organization is very likely facing a multitude of regulatory requirements and has an increased need for documentation and reporting, all with a diverse and scattered workforce. So it’s critical that efficient and effective communication, documentation of attestation to your code of conducts, policies, procedures and trainings, and executive reports are a must for your workforce.
An automated compliance system ensures the right things happen at the right time and nothing slips through the cracks. Without one, you will never keep up and it will be increasingly difficult for compliance teams to be strategic in their approach to workforce compliance programs. Automation is the only way to keep pace in our rapidly fluctuating world.
You’ve heard about setting the ”tone at the top” before. A strategic line of communication and expectations from executive leadership and the board of directors is as important. In fact, one approach that can help organizations achieve better results is for CFOs to take on strategic roles in multiple areas, including employee compliance.
While you might think the cost of compliance is too high, the reality is that skimping on compliance could end up costing you and your organization far more.
Technology, such as an automated compliance system, can help minimize risk and help you keep pace with the changing regulatory climate, streamlining and making the best us of the resources you have available.
Five Essential Elements for an Effective Automated Compliance System
Board of Directors & Management Oversight
Learn the requirements for high-level executives as well as best practices for communication within your organization including:
Complí has teamed up with national expert Patty Covington, Partner at Hudson Cook, LLP to deliver a webinar series on the details of the CFPB guidelines for your dealership and/or financial institution.
Read more on compliance management:
- Banking Compliance Paperwork Measured in Eiffel Towers
- Compliance Is Expensive, but Noncompliance Can Cost Even More
- Keeping Pace with Compliance Change
- 5 Ways CFOs Can Enable High Performance
- Confronting Disruptive Forces, Financial Services Firms Need New Approach to Compliance