Should Your Business Invest in a Compliance Management System?

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Businesses around the world face challenges in managing regulatory compliance. Compliance requirements and the regulatory environment are constantly changing and there is no ‘one-size-fits-all’ solution.

Companies are constantly faced with a balancing act between the risk of not complying with rules and the cost of having to comply with the rules. Companies are not the only ones that are affected by these challenges. They have a huge impact on the public sector and the general public.

When it comes to investment in software, businesses typically start with a customer relationship management system and then sales and marketing software. Traditionally, compliance software is not considered a priority. Many businesses use excel spreadsheets to track their regulatory obligations. And yet, with the potential cost of non-compliance, is that an adequate approach? As the costs of non-compliance increases, so too does the need for businesses to properly examine software solutions.

Software to manage regulatory compliance is a cost-effective and efficient solution for most companies, including small to medium sized businesses. Software can be used to:

  • ensure that company policies are in line with the law;
  • automate the process of managing regulatory compliance by updating the rules on a regular basis;
  • bring new laws and rules to the attention of the correct business units;
  • deliver online compliance training;
  • ensure the submission of regulatory reports on time and in the correct format.

The best compliance software can work with your existing compliance management program and the individuals who use it. In other words, the best compliance program is one that combines knowledge, expertise and systems in a dynamic way.

There are a variety of compliance software providers available and we at Compliance Quarter offer the Compliance HUB. The Compliance HUB is a centralised online solution that can automate much of your regulatory compliance program and demonstrate compliance to industry regulators.

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As energy sellers know, the regulatory framework is partly designed to set the minimum standards of conduct expected and to punish those that are non-compliant. We believe that it is time that incentives were built into the regulatory framework. Where energy sellers develop products or services that have a clear consumer benefit, they should be rewarded by, for example, faster approvals. Faster approvals result in better commercial outcomes for energy sellers and those should be tied to consumer benefits.

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