Essential Features a Compliance Platform Must Have

Nearly all business owners must comply with regulations. Business compliance refers to either a standard or an action. Compliance as an action means that the organization adheres to government laws, data and security requirements, or health and safety standards. It is an action if there is a conscious recognition of the policies and rules, mainly because the company’s existence depends on it. 

The road to compliance is long and complex, so instead of completing the processes manually, you can use a robust platform that can simplify and automate some of the processes. You can find a specific platform for the type of compliance your business needs from

Necessary features of a business compliance platform

Various business compliance platforms are available. While they will have features to achieve compliance, it is essential to know the most vital features the platform should have. 

1. Intuitive, modern interface

It is vital to look for a platform with an intuitive interface, so the team does not have to take time to be familiar with it. Deploying a compliance platform with a clean user interface will reduce the queries the compliance team will ask, which will be quite helpful during quarterly or annual certifications.  

2. Capability to create targeted, thorough reporting

Business compliance requires the submission of various reports at different stages of the process. You should also submit reports regularly to remain compliant and protect the organization from regulatory violations and fines. Look for a platform that will provide a wide range of reporting tools, particularly the feature to automate the generation and delivery of management information, such as company activities, resolutions, and trends.

3. Maximum automation and data-integration capabilities

The platform should process the repetitive tasks automatically. It will allow the compliance team to focus on functions that should be performed manually, such as employee training, policy creation, regulation review, and new strategies for compliance. The platform’s capacity to integrate with most of your existing systems will help achieve optimal efficiency in importing data, eliminating the need for manual entry; thus, ensuring data quality.

Highly flexible and configurable

Ensure that the new compliance software you are getting has email alerts, certifications, workflows, reviews, and rules that can be configured into the platform and has the flexibility to adapt to the compliance environment of your company.

Capabilities to monitor and investigate

A compliance platform combines automated and manual processes. The platform can provide all the elements needed, but it will still be the compliance team that will assemble the pieces. Team members must continuously fine-tune the parameters and only show issues that require additional investigation. The possible violations should be gathered in one place, including alerting and reporting and relevant documentation of cases for review. 

Easy reporting and data extraction

A good platform should save similar reports and preferred layouts and allow sharing among team members. The reports should cover all the required fields for daily operations, auditing, and adherence to regulations. Moreover, the platform should allow the easy extraction of required data, with features to configure the system to automatically generate reports for senior management, says Techopedia

When considering a compliance platform, check with the vendor about data storage, hosting, and protection. Since most of the business compliance requirements focus on data security, it should be one of the inherent features of the software.