What’s the first thing you typically need to implement a risk mitigation and compliance management system? A software tool. Compliance and automation are synonymous with each other; kind of like Kanye West and Kim Kardashian. The couple is always making headlines together, they’ve been going strong for longer than any celebrity couple we know, and they bring out the best in each other. Kanye has even admitted that Kim is his biggest creative inspiration, one who has helped him reach new artistic levels that he had never explored before. Exactly the way automation allows newer, quicker, and more efficient ways of managing compliance.
Managing compliance without automation is prone to several human errors in the documents or in extreme cases, losing or damaging crucial documents. Compliance automation, implemented by a good software development company, eliminates such errors and help companies follow the required laws and regulations.
Complying with laws and regulations is an essential step in running a business. Failure in complying with laws and regulations results in hefty fines and also potentially spoil the reputation of a company. In worst case scenarios, senior management could go to jail or the entire company could be shut down. The Facebook-Cambridge Analytica scandal has highlighted how, due to non-compliance, the social media giant violated privacy and security regulations to release personal data of millions of users. Facebook had to pay a fine worth £500,000 (over $630,000) and Mark Zuckerberg testified before the US Congress. Compliance management is a complicated task with multiple intricacies that require thorough attention. For this purpose, compliance automation is the optimal approach to ensure that your organization follows all the prescribed rules and laws that are mandated for you, as well as additional compliances you choose to ascribe to for various certifications.
Every company incorporates auditing procedures for quality assurance and maintenance purposes. Auditing procedures generate hundreds of documents and reports. Such documents require thorough inspection and approval from the concerned parties. Sharing audit reports and documents with multiple personnel and seeking approval from them can be a slow process. In some instances, major errors are introduced during the process due to lack of thorough attention or other human errors. But, compliance automation can eliminate this problem altogether. Compliance software and apps can completely automate the approval of reports and documents. Furthermore, such apps enable monitoring for the entire process. For example, the Safety Forms and Checklist App, created by Digital Fractal’s software development team, is used in manufacturing organizations where several forms and checklists are generated in different manufacturing procedures. Such documents can be filled and seamlessly shared with different parties for verification purposes. No hard copies needed!
Certain industries such as healthcare, food, construction, and manufacturing to name a few, have specific and stringent regulations. Such regulations ensure safety and maintenance standards that are essential in various industry sectors. Failing to comply with industry-specific regulations results in expensive penalties. Recently, the Office of Privacy Commissioner of Canada (OPC) made a data breach notification mandatory for all data-driven businesses to reduce the impact of cyber-attacks and ensure stringent security regulations. The OPC has claimed that data breaches have a “real risk of significant harm” as consumers’ personal information can be compromised. Failing to alert consumers will result in fines of up to $100,000. Hence, such regulations need special attention. In such cases, compliance automation can ensure that industry-specific laws and regulations are addressed regularly. For example, our Construction Punchlist Management app is made specially for the construction industry. It offers identification of construction deficiencies with pictures and blueprints. Multiple concerned personnel such as contractors, engineers, and workers can access the app to monitor the progress on repairs of construction deficiencies.
Every major process in an organization involves supervision. Such responsibilities are delegated to experienced and skilled professionals. But, in case of fraud or any other malicious activity, the concerned personnel need to be held accountable. Here, automation of compliance can prove to be a feasible solution as the software will record specific personnel’s details and the reports that they have approved. In case of a terrible incident, the responsible personnel can be quickly tracked.
Certain crucial documents are confidential and need an authorization mechanism for security and privacy. With the right software development, compliance automation can incorporate access privileges for sensitive data and documents. Software development companies are now also using new technologies like the blockchain to create a transparent ledger for tracking changes in documents and maintaining data privacy. Software development firms can also integrate AI to intelligently alter access privileges based on the user’s location or network to ensure data security.
Numerous regulations are in place to ensure quality assurance standards in workplaces and industries. Such regulations help maintain the quality of products and services and improve customer satisfaction. Instances of poor quality standards can be easily observed on any e-commerce website. The review section of several products is filled with multiple remarks about the product quality and functioning. For maintaining an excellent quality of products and services, compliance automation will assure that required procedures are followed. For instance, construction industries can utilize the Welding Parameter app to track data of welding procedures for quality control and compliance purposes. The app also enables error checking with the help of welding parameters and captured data.
Numerous procedures involved in different organizations generate several critical documents. These documents may include records of audit reports, safety forms, and checklists. Such documents need to be shared across different departments and personnel for data collection. These documents can be accessed in critical situations for assistance and accountability reasons. The traditional pen and paper approach for storing documents proves to be inefficient as the documents can be lost or damaged. Therefore, compliance automation creates a platform for sharing and accessing crucial documents across the entire organization.
Laws and regulations keep changing with time and cultural shifts, sometimes after a major incident, which makes the entire compliance management procedure even more complicated. Hence, compliance automation is an efficient solution to manage all compliance requirements efficiently. Reach out to our software development experts at Digital Fractal, Edmonton, to develop an organization-specific app for all your compliance-related requirements. You be Kanye, we’ll be Kim!