What is a compliance workflow?
Compliance workflow is a set of tasks that an organization has to execute to make sure, its own processes are complying with the requirements laid by its customer and regulatory bodies such and Federal/State/County Governments. It also deals with making sure that its vendors and suppliers are complying with the norms laid by the corporate governance.
Any workflow is based on dependencies. Someone needs to set tasks and assign responsibilities. Then, that person needs to ensure that tasks are completed on time.
In compliance, the compliance officer should be setting the tasks and monitoring their completion. Maintaining visibility into the compliance program requires communication across the organization.
However, a traditional compliance workflow often becomes burdensome as the organization scale. Emails and calendar notifications become lost in the day-to-day clutter of business operations and meetings. This outdated process can lead to missed deadlines which overwhelm the compliance officer.
Why automate the compliance workflow?
With automation, you can use technology to streamline business processes. Rather than having to update your tasks manually, you can use software that automatically renews and tracks the items that need to get done.
For example, if you need to meet the Occupational Safety and Health Act (OSHA) requirements, you need to review patch management processes. Often, this requires the HR department to submit documentation. However, if the HR department loses the document request in the stream of emails, the compliance officer is the one who needs to follow up. That follow up process means sending reminder emails and nagging the responsible party. Automation allows for a "set and forget" approach to task management and follow up which saves time and better controls the process.
Why does streamlining the compliance process matter?
Compliance managers need to balance a variety of regulatory and industry-standard requirements. Depending on the industry, they may need to maintain compliance with cybersecurity as well as human resources, document retention, and internal operations requirements. All of this becomes more complicated as regulatory and industry standards evolve requiring more time and more documentation.
Thus, juggling all those balls at once can lead to the compliance manager dropping one. A dropped ball can lead to a compliance violation. A compliance violation can lead to fines and penalties. Thus, ensuring effective controls and compliance with them becomes not just a financial, but also a personal, risk.
Streamlining the process with workflow automation makes documenting the process easier. Ultimately, any area that requires compliance also requires an audit. Audits rely on documenting policies, processes, and procedures. With workflow automation, the necessary documentation resides in a single location to enable audits.
Compliance management software.
It is found that most companies despite possessing a variety of software to manage compliance, end up using Microsoft Office and Outlook, or have to jump through multiple platforms to achieve what they need. ShareCredentials fixes this problem. We have created the necessary nuts and bolts to initiate an audit process smoothly and manage every other data, document, e-signature in a clearly defined workflow that can change with the changing times across departments.
What makes ShareCredentials a powerful compliance management tool.
Master Data Management - Sharecredentials provides an extensive master data management for all the internal and external stakeholders.
Document Exchange Network - A powerful infrastructure that enables all document collections. Documents can be collected, redacted, reviewed and stored for future use based on a certain retention days.
CheckLists - Customizable tool that defines dependencies and documentation expected for the sign offs.
E-Forms - A powerful tool to collect data with proper validations
WorkFlow - Completely user defined where users can pick and choose the components needed for a certain audit.
Compliance Panel - A dedicated dashboard for compliance and regulatory affairs team to stay in touch with audits, requests, signoff and expectations of stakeholders.
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