Regulatory compliance is challenging for legal departments of all sizes as regulations keep changing and the global pandemic has made it even more complex. It is no surprise that many legal departments struggle to keep up with regulatory obligations, especially if they have to report to multiple regulatory bodies.
Simply put, loopholes in compliance management can expose your business to risks and cause financial and reputational losses. If you aren’t sure your organisation is fully compliant with local laws and regulations, a costly, time-consuming compliance crisis might just be lurking around the corner.
It is no surprise that 72% of legal departments say compliance and risk management are highly important as per the Legal Departments in a Digital Era report, by Wolters Kluwer and the European Company Lawyer Association.
Here are 3 ways you can mitigate regulatory risks proactively and ensure compliance across your organisation by digitising and automating compliance management.
Centralise all your policies and regulations on one platform
Storing policies, regulations, gifts and invitations, insider information, data privacy data for your entire organisation in one central platform will give you quick access to key information. You can search for historical or current data by entity and edit compliance related matters any time so that they are always up to date. What’s more, by unifying data you can manage compliance across your business by complying to regulations around anti-corruption, environment, security rules, etc and you can always be audit-ready!
Monitor and evaluate compliance risks
By implementing a compliance tool, you can identify and assess companies, insiders, or matters as being an object of risk and generate quick reports to prioritise your actions according to risk level. Based on your needs, you can invest in a tool with a dedicated dashboard that can be adapted and updated to the current procedures. You can automate risk evaluation by setting up calculation rules based on the risk, source, revision frequency, severity, probability, and factors reducing the risks. Having a complete overview of risks will let you adopt a proactive approach to risk mitigation so that you can protect your business.
Keep track of tasks and workflows around compliance management
Automation of routine tasks and simple paperless processes will help you minimise errors. Also, you can set-up a notification system to make sure you don’t miss key dates to perform tasks and be alerted in case of a significant risk identification. A dedicated tool will not only help you automate processes and set alerts, it will also assist you in keeping track of breaches, investigations and mitigating measures, so you are always up-to-date with the status of issues and you can protect your business from losses.
Businesses need to keep up with regulatory changes and mitigate risks to ensure business continuity and longevity. Therefore, having a tool to manage compliance is vital. However, not all legal departments have the same resources and budget and therefore it is important to identify needs and invest in a solution that addresses them.
With Legisway, you can minimise legal risk, ensure your company’s legal information is safe and act properly in case of data breaches while adhering to GDPR, EU MAR and any other local laws or regulations. Not only does Legisway respect the highest security standards to keep confidential legal information safe, but it can assist you or your Data Protection Officer (DPO) to manage data processes and data breaches correctly. To learn more about Legisway, visit our website.