A recent survey of compliance professionals
found that 83 percent of respondents felt that compliance had become more complex in the past two years. With the pace of regulatory changes and the number of new regulations expanding rapidly, compliance is more of a challenge than ever. This blog highlights some common myths so corporate legal departments can gain control of compliance management.
Myth 1: It’s impossible to manage and store regulations for a global organization.
When you let each subsidiary manage and store their own regulations, the result is that the global organization has no idea where potential risks lie. Web-based software simplifies communication by providing a central repository for maintaining historical and current internal policies, associated tasks and alerts.
Myth 2: I only need to act when there’s a problem.
If you wait until there’s a problem or you’ve missed a deadline, you’ve suddenly got a bigger problem on your hands. Web-based compliance management software allows you to take a proactive approach by alerting you well ahead of time of an upcoming deadline.
Myth 3: Compliance is difficult.
Some organizations believe that compliance requires them to complete a number of unnecessary and irrelevant tasks with little result. The problem is that when compliance is treated like a project, with manual tools, it leaves a lot of room for error. Web-based software can streamline compliance
by allowing you to create compliance risks associated with each of your regulations and monitoring them.
Myth 4: I can manage compliance effectively with spreadsheets.
The challenge with using spreadsheets is that it is a heavily manual process that is largely dependent on the individuals that manage the spreadsheets. Spreadsheets don’t provide visibility into the data because of poor reporting capabilities. With a central repository for the organization’s compliance activities, technology can help establish internal controls.
Myth 5: Real-time visibility of global deadlines is impossible.
Real-time visibility is a must-have in today’s global business environment. Since legislation and local regulations can change rapidly, corporate legal departments need immediate access to compliance data across each jurisdiction. Using web-based compliance management software, organizations can store and access all their documentation related to compliance in one place.
Considering the competitive nature of the business environment today, a compliance failure can be damaging to an organization. Legisway offers a Compliance Management module to track and manage your regulatory requirements and deadlines. By adopting the legal management platform, you can streamline your processes to easily assess your risks.