Corporate compliance is becoming increasingly popular among entrepreneurs who are concerned about the proper functioning of their companies. For this reason, recent advances in the industry point to the automation of data to make better decisions. Currently, industry leaders are working to provide easy-to-access tools for monitoring and managing information for risk prevention. So in this article we will talk to you in general terms about technology applied to corporate compliance.
Advantages of using technology applied to corporate compliance
Technology is a tool that can facilitate any process within a company. That is why it is a fundamental ally when it comes to conducting a business and achieving the goals proposed in each unit. Currently, there are special programs for Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) within companies that help to visualize data for risk prevention. These tools are used by compliance departments to cross-reference data from different platforms to get a clearer picture of business realities.
What is a compliance platform?
It is a technological platform that can function as an independent software or as an integration of another program. There you can manage and track the risks inherent to the procedures of each business unit. It works by visualizing workflows and tasks, while allowing audits and specific observations to be added to the interface. This allows all business units to be monitored in real time by the compliance department. At the same time, those responsible for each task get the necessary feedback to improve their practices before engaging in activities or behaviors that are detrimental to the company.
Cross information sharing across all company units
One of the most important aspects of this type of technology applied to compliance is the cross-referencing of information across all business units. This allows management and the compliance department to monitor tasks in real time to correct certain processes if necessary.
That's why cross data visualization is relevant for the interconnection of the company. Where communication between partners, customers and employees is crucial for the good development of each company's practices. Also, the security offered by these systems allows data retrieval and security through network protocols that ensure optimal information management.
Responsibilities of the compliance officer
The compliance officer in charge of managing and monitoring these systems must understand that his functions are operational, tactical and strategic. This is so because the monitoring of each task of the company must be in accordance with the planning and objectives of the company, and must even be regulated by international regulations and laws of the industry. Thus, the confidentiality and integrity of the information depends on both the software developers and the compliance officers in charge of these tasks.
On the other hand, the main function of the compliance officer is to identify risks that must be regulated in order to prevent future problems. And in case of suspicious practices, they are in charge of investigating, sharing results and imposing sanctions or penalties if necessary.
Most popular corporate compliance platforms
If you are looking for technological tools for the application of corporate compliance programs, we have some recommendations for you. These softwares work to identify and classify the data, to establish whether or not such procedures should be regulated.
Netwrix: is commonly used by financial institutions, healthcare organizations, government agencies, among others. Because it adapts to some international standards such as GDPR, PCI DSS, HIPAA, SOX, GLBA, FISMA, NIST, FERPA, CJIS, NERC CIP, ISO/IEC 27001.
Libryo: It is a platform that helps to apply specific laws to each business unit. There you can include the legislations that affect your business processes, to make them conscious in every daily task of the company. One of the main features of this software is that it is used by multinationals and large corporations around 75 countries in the world. So it is one of the best to adapt to different legal contexts and industries.
Donesafe: is an easy-to-access online platform that uses templates and pre-configurations to align organizational needs and requirements of companies. It is useful to visualize workflows and logistic processes to create objectives and measure them progressively.
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