How Tech is Easing the Stress of Compliance and Risk Management

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Risk spans across many business areas and single factors can potentially have multiple cross-functional touch points. Various organizational aspects like business continuity, compliance, information security, human resources and vendor management are vital in compliance and risk strategy. However, many can still lead to inefficient, silo-based approaches, especially regarding manual efforts around the monitoring, measurement, and management of controls and processes.

Since essential information is usually widely dispersed, companies can spend considerable time engaging in routine manual data-gathering activities and disparate systems. And these disjointed and inefficient processes can rapidly become costly and stress-inducing. This is where technology comes into play.

Improves visibility

Through a high-quality and robust enterprise risk management solution, organizations can overcome many of the challenges typically encountered in compliance and risk management, such as a lack of visibility. With the right platform, you’ll improve visibility by having a centralized view of relevant information, enabling the organization to manage and integrate the data more effectively and efficiently than it would have if it had used manual processes.

Reduces complexity

The management of GRC or governance, risks, and compliance operations is a more involved and complicated process than some might give it credit for. Thankfully, automation can handle the technology and administrative complexity with the right platform. As a result, compliance and risk professionals are able to focus their efforts on management and analysis, saving them the time and trouble of dealing with the more complex tasks of the process.

Promotes sustainability and collaboration

One of the challenges of risk management and compliance is keeping all relevant personnel throughout the organization updated and on the same page. Fortunately, technology renders this obstacle non-existent. Since it’s possible to show everyone involved in the process how data is gathered, disseminated, and stored with a robust software solution, a business can promote collaboration and improve the efficiency and speed of the process.

Drives down cost

In any entrepreneurial venture, the cost will always be a concern, especially for activities involving compliance or risk management. But investing  in an excellent platform makes it possible to drive down the costs associated with duplicative activities, routine reporting, manual data gathering, classification, and reporting. In other words, it’ll save you not only time but also money. Moreover, it’ll enable organizations to have more efficient response activities to risk and save time.

Improves information quality

Lastly, the quality of the data or information gathered can make a difference in managing risks and maintaining compliance. Human error is mitigated with technology, resulting in better information quality and overall results.

Conclusion

When it comes to compliance and risk management, having a tech solution or platform can help align the complexity level of an organization, regulatory requirements, and business opportunities. Such  solutions can give companies an easier time navigating emerging and changing market conditions, boost innovation via insight, and provide time reduction and lower costs through automation of what would otherwise have been a tedious and time-consuming process. Doing so can take the stress out of work and keep employees more engaged.

Picture Courtesy: Pixabay.com


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