Compliance management is the practice of ensuring that personnel and activities within the business are following applicable laws, rules, and requirements. Governments, regulatory and industrial groups, and workers' unions are among the institutions that impose requirements.
Noncompliance frequently results in severe penalties and interruption. Organizations utilize written processes and rules, as well as audits and (in certain situations) enforcement, to assure compliance.
Compliance management, on the other hand, is much more than a checkbox or document activity. Companies that depend on unsophisticated or outmoded systems may appear compliant in theory, but when any incident happens, they frequently fall short.
Importance of Compliance Management
There are several arguments in support of effective compliance management. It specifically:
- Lowers the risk of unfavorable publicity.
- Lowers organizational risk.
- Makes sure that employees follow company policies.
Unfortunately, in most circumstances, they are secondary arguments. The valid reason that firms throughout all sectors and regions prioritize compliance is that failing to do so is highly costly.
Today's firms risk stiff penalties if they fail to comply with regulatory obligations imposed by the FFIEC, FINRA, the CFPB, the GDPR, the FDIC, and hundreds of other regulatory bodies and frameworks. Worse, many industry authorities have the authority to stop or prohibit firms from supplying certain services or products if they do not comply.
Which Compliance Management Software Would Be Best for Your Organization?
In the GRC industry, various compliance management software solutions guarantee to keep track of the government's laws and regulations. Predict360, on the other hand, is among the top software on the market. What separates it from other software?
The Predict360 Compliance Management Suite delivers an increase in compliance levels with a decrease in cost and has been endorsed by the American Bankers Association.
The compliance management platform helps businesses at every step of the compliance management process. It streamlines compliance monitoring, activity management, tracking, regulatory change management, document management, and more.
- A single compliance platform for compliance-related information, data, discussion, and documents
- Executive dashboards that show real-time compliance intelligence and data to enable proactive compliance management
- Streamlined compliance workflow processes for different compliance-related activities and users
- Easy to implement cloud-based compliance management solution
- Integrates with other Predict360 solutions for complete GRC management under a single system
- Decreases costs of compliance by completely automating compliance monitoring, reducing workload, and increasing efficiency of catching violations
- Integrated compliance management calendar and a customizable compliance executive dashboard
About 360factors, Inc.
360factors empowers organizations to accelerate profitability, innovation, and productivity by predicting risks and streamlining compliance. Predict360, its flagship software product, is an AI-powered Risk and Compliance Intelligence Platform that anticipates and mitigates risks while facilitating regulatory compliance. Predict360 integrates regulations and obligations, compliance management, risks and controls, audits and assessments, policies and procedures, and training in a single cloud-based SaaS platform based on artificial intelligence to provide predictive analytics and unique insights for predicting risks and streamlining compliance. 360factors is the exclusively endorsed solution provider for compliance management by the American Bankers Association (ABA). Visit www.360factors.com for more information.