Whether you’re looking to implement a compliance management system or rebooting your current system, this technology buying guide covers the core functional elements that make a big difference in the efficiency of a regulatory or policy compliance management system, as well as user satisfaction.
Here are some important questions to ask when you are reviewing compliance management software solutions:
1. Are you benefitting from the many advantages of the cloud?
Much of the enterprise software industry has moved with remarkable speed to embrace cloud-based systems. One primary advantage is the fact that there is no need to deal with the huge headaches of new version implementation. Concerned about security? Don’t be. Today it is well established that cloud-based data systems are more secure than individual organizations’ own data repositories.
2. Is the technology portable?
Once upon a time it was sufficient to run important applications on desktop or laptop computers. Today, executives, managers and specialists involved in compliance management need to be able to access and update systems using a variety of devices, while working in any environment from any location. This means that compliance software needs to be optimized to operate on a variety of smartphones and tablets, as well as laptops and desktop computers.
3. Are the various pieces of the compliance management process integrated into the system?
Seamless connection and integration between functional areas of a compliance management system are highly important capabilities. This integration is often lacking in older systems—and particularly so in compliance processes spread across spreadsheets and other generic technologies.
4. How does system performance rate?
System performance has a major impact upon user satisfaction and willingness of team members to embrace new applications. This applies to everything from screen input and response times, through to consolidating thousands of reports and survey responses and on to obtaining the results of analytic testing of millions of transactions.
5. What is your ability (and agility) to roll out rapid changes and updates?
It’s important to have the ability to quickly re-configure and modify a system, both to take advantage of new capabilities and to implement new processes when they are needed. The magnitude of pain of this task depends on how well the underlying software has been designed.
6. Do you have the ability to use a combination of best-of-breed analytic technologies?
By now we hope that it is apparent how important the role of data analysis is in a modern high performance compliance management system. There have been huge advances in analytic technologies in recent years and, while compliance management depends heavily on certain specialized analytic techniques, the optimum solution includes a combination of technologies that support different aspects of the data-driven compliance management process.
7. Can you create portal and dashboard views of the current status of your compliance management?
We referred previously to the importance of reporting for regulatory bodies, which is often in a prescribed format. Another important aspect of reporting is the ability to provide management with an overview of the current status of the entire compliance management process.
Top 8 better practices in compliance management
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