What makes a good compliance management system?
Any type of compliance management system (typically a software platform) should deliver the following:
- Make it easier to assign and track compliance tasks.
- Give executives and managers insight into their compliance standing.
- Increase accountability and transparency.
- Generate Business Intelligence
- Take a Systematic approach to compliance management - automated, standardized, centralized.
What Business Intelligence should my Compliance system deliver?
As a manager or executive, you should be able to know at a glance the following:
- Which tasks have upcoming deadlines.
- Who is the primary person responsible for completing a given task.
- How many days were spent on a task.
- If any deadlines or goals were met or not met.
How a Compliance System works as a whole
A compliance system software is used to bring all your tasks and goals together into one platform. It also puts all the pieces of the puzzle together and automates all those in-between steps in order to minimize your manual effort.
How to build your own compliance system
If compliance management system software sounds like a good fit for your business, you have lots of options.Most businesses choose to purchase an off-the-shelf compliance system that is reliable and proven by years of experience. But you can also develop your own system based on your internal technical skills and needs.
Here's the basic breakdown of what went into building ERA's Compliance Management Software. We think it's a good representation of what any compliance system is made up of:
Of course there are many smaller parts of the pyramid that provide advanced functunality like the kind ERA provides, but the above are the 5 key parts that the most basic compliance system needs. And the non-tangible costs for building your own compliance management system is time and programming knowledge/skill.
Want to boost your business' compliance? Click the button below to get advice from our experts.
This Blog was Co-Authored By:
December 2, 2015