Five Things To Consider For Your Compliance & Risk Management Solution
Get on the Offensive
In today’s ever changing regulatory environment, it’s hard not to feel like you’re constantly operating in defense mode as a compliance professional. Being on the offense for a change sounds like wishful thinking. But with new, next generation risk management and compliance solutions hitting the market, a proactive approach actually is possible if you know what to look for.
A solution that is adaptable, configurable, and scalable is the key for organizations looking to take better control of their compliance and risk management programs… but what exactly should that kind of solution entail?
Non-Negotiable Software Capabilities
There are five non-negotiable capabilities to look for in your next generation compliance or risk management solution:
Customizability - There is no such thing as one-size-fits-all when it comes to compliance and risk management, so make sure your solution can be customized to meets the specific needs of not only your organization, but your employees who will utilize the solution as well.
Visual reporting & workflow - Visual technology makes complex data neatly appear in easy-to-comprehend graphs and structures, allowing for easier navigation during review and audit processes. Workflow timing, parameters, etc. should be tailored to your company as well.
Integration - You’ll want a system that can integrate seamlessly with other business areas that work in conjunction with compliance and risk management, aligning identification, verification, risk assessment, screening, alert reviews, decision-making, monitoring and reporting functions, vendor management, BCP/DR planning. Your system should be supported by accurate, up-to-date reference data and regulatory data.
Innovation/scalability - The solution you choose should be forward thinking. It should be able to accommodate your organization now and as it grows. It should have some kind of forum for discussion about improvements and regulatory changes. It should anticipate changes to the regulatory environment.
Centralization - choose a solution that brings your business lines together and that can be accessed from anywhere, at any time.
If you take these five factors into consideration when evaluating solutions, you’ll be one step closer to flipping the switch from a reactive to a proactive approach to your organization’s compliance and risk management goals.
Contact a team member using the link below to schedule a demo and see for yourself how Procipient can meet your needs in all of these areas and more: