The Ultimate Guide To Compliance Management Solutions

 

Irrespective of the business industry, compliance management is compulsory for your organisation. If you're unable to ensure that your firm is adhering to the compliance regulations, you risk getting your business into a substantial financial and reputational loss to complete shutdown. 

When you're venturing into any industry, the following sentence has likely been thrown around you a lot- 

"Your company needs to maintain the compliance standards." 

However, there are various aspects of compliance that you don't get much clarity on: 

• What types of compliance are available, and which ones should you follow? 
• What are the benefits of using data compliance solutions? 
• How should you choose the best data compliance tools? 

Not to worry. We have got your back! 

In this article, we'll discuss the various data compliance solutions and benefits of using compliance management tools. 

Get the best compliance and enterprise release management tools to keep your company's data safe without compromising workflow speed.

Types of Data Compliance Solutions

 

Risk Management System 

Have you implemented the necessary preventative methodologies to combat corruption, data theft, cyber fraud, malware attacks and other risks that have the potential to impact your business operations and reputation? 

A risk management compliance solution will analyse your organisational practices and workflow to identify the type of risks that can transpire and the likelihood of the occurrence. 

With a risk management system, you can develop a risk mitigation strategy that complies with applicable data security rules and laws. 

Your risk management data compliance solutions also highlight precisely what steps you follow when a breach occurs, and a loss is realised. The modem risk management tools provide you with a centralised, comprehensive dashboard to detect, assess, manage risks, map controls and prioritise sensitive issues.

Continuous Controls Monitoring (CCM) 

Continuous controls monitoring (CCM) involves utilising tools specifically designed to decrease business losses by implementing real-time continuous monitoring techniques. 

Some CCM data compliance solutions encompass system configurations, access controls, authorisations, and other organisational processes. 

The best CCM includes implementing in-flight monitoring solutions. This enables your company or relevant stakeholders to monitor activities as they happen. 

Thus your organisational data security solutions function in a proactive environment rather than a reactive one. Therefore this approach helps you to minimise associate data monitoring costs, the time and resource your team spends on manual reporting.

Policy Management Solutions 

To maintain compliance with industry regulations and data security laws, you need to enforce appropriate organisational policies and procedures. Once you have drafted the policies, you should implement the necessary processes, store and manage the policy documents, and automate workflows to match the relevant policies to the correct teams. These tasks can be achieved by utilising data compliance and policy management solutions.

Whistleblowing Data Compliance Solutions 

Whistleblowing data compliance solutions empower your employees with an anonymous medium to report misconduct or policy violations in the workplace. 

With whistleblowing software, you can collect relevant information either through a secure ethics tele-calling system or a web intake form. You can then document the details into the case management system. 

Having an easy, confidential process for your employees to report misconduct and threatening activities without fear of retaliation can improve trust and enable you to stay compliant with the data security laws that mandate enterprises to establish secured complaints filing and handling processes. 

A whistleblower system can prove exceptionally helpful for handling internal threats that may translate into financial loss and or reputational harm.

Also Read: How Data Compliance Solutions Can Help Your Organisation?

Case Management System 

Case management data compliance solutions offer a centralised platform to manage internal risks and employee misconduct. Using a case management system, you can capture reports of violation activities, giving you the proper documentation to take appropriate action. 

Supporting suspicious activity intake to investigation, case management compliance solutions can help you detect security concerns early, leverage that data to combat workplace fraud, improve company policies, and remain compliant with relevant laws and legal standards, where accurate paper trails are necessary for reporting.

GDPR Compliance Policies 

The General Data Privacy Regulation (GDPR) standards enforce companies to protect the personal data of their customers/users. 

GDPR data compliance solutions help you to capture personal data and store it securely. This includes obtaining individual consent before collecting and processing the information through secure techniques to protect sensitive data. It also involves incorporating privacy notices and other necessary communication documents to inform your users how you plan to process or store their data. 

The best approach to staying compliant involves installing a consent management software tool to store and manage the user's consents in a centralised location.

Benefits Of Using Data Compliance Solutions

 

Minimises Legal Risks 

The last mishap you want for your business is a lawsuit. Lawsuits aren't just expensive but have a devastating effect on your company's reputation. With appropriate data compliance solutions, you don't need to worry about potential lawsuits. 

You can operate securely knowing that you're compliant. 

Simplifies Compliance Tracking System 

Compliance management software brings your business requirements, legal protocols, and regulatory standards under one centralised system. 

This simplifies your compliance tracking. You won't require to worry about anything slipping through the cracks. Since everyone will have access to the compliance protocols, you can operate seamlessly without backtracking to check for compliance mishaps. 

Implements Automation 

Data compliance solutions don't just make your tasks simple. It can help completely eliminate some of them. 

A compliance management system enables you to automate various intricate, time-consuming compliance processes. 

These include activity scheduling, compliance management, approvals, risk notifications, and more. You can prevent human errors in your compliance management.