Features You Should look for in a Compliance Management Software

 

A robust Compliance Management System should include the following features:

  1. Knowledge Hub & Regulatory Monitoring: Maintain a continuously updated knowledge hub with all relevant compliance laws applicable to your business, ensuring stakeholders have access to current regulatory requirements.
  2. Automated Task Generation Based on applicable regulations : In addition to tracking changing laws, ensure that the CMS is updated with related compliance tasks and due dates. Automating this process will help timely and accurate actions. Additionally, managing internal processes through the CMS will further optimise workflows and mitigate risks.
  3. In-Built Checks (Maker/Checker Approver System): Implement a robust maker/checker approval system to enforce internal controls and verification processes, enhancing accuracy and reliability in compliance management.
  4. Real-time insights for decision-makers through dashboards, giving an overview of compliance health of the company.
  5. Risk Evaluation: Methods to identify, evaluate, and prioritize compliance risks.
  6. Compliance Reports : Get a 360 degree view of compliance through different reports, highlighting key aspects of compliances of the company and vendors
  7. Record-keeping: Archive of statutory documents for inspections and audits.
  8. Incident Handling: Processes for identifying, reporting, and resolving instances of non-compliance.

Explore more about how Compliance Management Software can transform your compliance processes.

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