PracticeLeague - Legal Technology Solutions

Non-Compliance: A Ticking Time Bomb For Your Business

by PracticeLeague

Post 2008: Tsunami of Regulations

The current regulatory environment is ever more complex for businesses worldwide with regulations ranging from data privacy to Labor Laws. Keeping up with these regulations and the subsequent silos of amorphous data created by disconnected business functions, manual processes, and lack of automation tools can lead to both financial loss and reputation damage for enterprises. Alleviating compliance management burdens with compliance management software enables organizations to stay on top of regulations while creating a seamless collaboration with other functions such as legal, finance, IT, etc.

According to the Cost of Compliance 2017 Report, Thomson Reuters captured 52,506 regulatory alerts from over 750 regulatory bodies averaging more than 200 updates a day. In-house counsels who are abreast with the current regulations and its impact on the business are able to minimize risks of penalties and save the interest of the company. Agile CCOs and GCs follow a proactive approach towards risk-reduction and risk mitigation within their organization by implementing risk management software to automate and streamline their compliance functions.


An Integrated Solution

For a compliance management strategy to be efficient and effective, it is imperative to include broader risk management capabilities enabling compliance and legal officers in managing risks and obtain actionable insights to keep those risks to an acceptable minimum.

The Compliance and Risk Management solution by PracticeLeague provides effective coordination of regulatory and compliance matters. Part of the integrated Enterprise Legal management platform, it also provides improved focus and perspective on risk management. The robust solution eliminates redundant processes allowing improving efficiency by allocating the right amount of resources in mitigating risks.

The platform offers excellent coordination and collaboration among various departments across the enterprise including external parties to not only manage but also streamline compliance and regulatory risks. You can also set the schedule for the assigned task so that it automatically assigns the relevant task to the assigned contact as per the set schedule. Adopting compliance management solutions allows monitoring all internal audit processes and tasks as well as all scheduled Audit tasks.

The feature-rich compliance software enables review and approval of workflow along with document upload capabilities to manage supporting documents and proof of compliance while providing real-time risk monitoring review the penalties and other implications for non-compliance. Penalties can also be automatically measured based on the Corporate Action to get an up-to-date value of the damages.

To manage risk and compliances more efficiently, compliance officers need a centralized view of all the Statutory, Regulatory and Internal compliance requirements. PracticeLeague Compliance and Risk Management platform enables both compliance officers and in-house counsels to have a complete overview of all the compliances on a Live Compliance Dashboard while keeping a track on the progress of each compliance i.e. completed, pending or overdue. Apart from Compliances, Corporate Actions, Due Dates and Tasks related to the regulations can be viewed across organisations and Branch Locations based on the Governing Laws or Severity Types on the integrated platform.

 

A Platform Approach with GRC Capabilities

Integrated Legal technology platforms have enabled to not just improve the efficiency and productivity of legal departments but also improve collaboration among other departments such as IT, Sales, Procurement, Finance, etc. Whether its contract sharing and updation with the sales, or compliance reporting with the finance, the workflow can become seamless and streamlined with an integrated Enterprise Legal Management Platform. Disruptive technologies like these will not only improve competencies among various departments but also improve communication, consistency of work and data flow spanning across the business, meanwhile allowing the board to have a cleat visibility of overall legal risks and functions on a single dashboard view.

As CEOs and Board of Directors are increasingly monitoring the impending compliance and regulatory risks on their organisations, it is becoming all the more imperative for GCs and Chief Compliance Officers to adopt compliance management solution that provides on-demand reporting and real-time analytics to gain actionable insights over each and every compliances and derive data-driven decisions to be presented in-front of board members. Implementing the right compliance management platform allows enterprises to streamline their Governance, Risk and Compliance (GRC) capabilities and manage risk more efficiently.

 

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