Legal12 April, 2016

5 Compliance management myths

With the pace of regulatory changes and the number of new regulations expanding rapidly, compliance is more of a challenge than ever. Here we highlights some common myths so corporate legal departments can gain control of compliance management.

Myth 1: It’s impossible to manage and store regulations for a global organisation.

When you let each subsidiary manage and store their own regulations, the result is that the global organization has no idea where potential risks lie. Web-based software simplifies communication by providing a central repository for maintaining historical and current internal policies, associated tasks and alerts.

Myth 2: I only need to act when there’s a problem.

If you wait until there’s a problem or you’ve missed a deadline, you’ve suddenly got a bigger problem on your hands. Web-based compliance management software allows you to take a proactive approach by alerting you well ahead of time of an upcoming deadline.

Myth 3: Compliance is difficult.

Some organizations believe that compliance requires them to complete a number of unnecessary and irrelevant tasks with little result. The problem is that when compliance is treated like a project, with manual tools, it leaves a lot of room for error. Web-based software can streamline compliance by allowing you to create compliance risks associated with each of your regulations and monitoring them.

Myth 4: I can manage compliance effectively with spreadsheets.

The challenge with using spreadsheets is that it is a heavily manual process that is largely dependent on the individuals that manage the spreadsheets. Spreadsheets don’t provide visibility into the data because of poor reporting capabilities. With a central repository for the organization’s compliance activities, technology can help establish internal controls.

Myth 5: Real-time visibility of global deadlines is impossible.

Real-time visibility is a must-have in today’s global business environment. Since legislation and local regulations can change rapidly, corporate legal departments need immediate access to compliance data across each jurisdiction. Using web-based compliance management software, organizations can store and access all their documentation related to compliance in one place.

Takeaway:

Considering the competitive nature of the business environment today, a compliance failure can be damaging to an organization. Legisway offers a Compliance Management module to track and manage your regulatory requirements and deadlines. By adopting the legal management platform, you can streamline your processes to easily assess your risks.