Did you know that there were 21,000 rules created by new Australian Government regulation in the last 6 years?
The cost and effort required by organisations to maintain compliance in an increasingly regulatory environment are becoming untenable, leading to a rise in a new class of software; Compliance Management. But organisational compliance is not only externally imposed. Most organisations have developed their own internal procedures and standards which need to be followed.
What is Compliance Management software?
Compliance Management software is a tool used by organisations to help them manage their regulatory obligations and external standards. However, just like regulation, Compliance software can be highly bespoke to specific contexts or it can be configurable and adaptable to work the way the company works.
There is a range of specialist packages available to meet the needs of:
- Finance and ATO compliance
- Quality Assurance processes and compliance
- Health and Safety compliance
- IT & Security compliance
- People compliance
The list goes on…
So, what are the attributes of a good Compliance software:
- Configuration – Every organisation is unique and usually has their own custom requirements as well as the requirements imposed upon them. A good software should enable an organisation to adapt it to their own, unique context.
- Automation – The absolute purpose of Compliance software is to ensure the organisation meets its obligations, but a good software does this in an efficient way.
- Tracking – See where your organisation and people are relative to the compliance requirements you face.
- Alerts & Workflow – A good system has your back. Its job is to help the team ensure the organisation is informed of approaching non-compliance and can rectify it.
There are a range of nice to have’s including integrations, dashboards, libraries etc.
Cited is in the class of People compliance but should not be confused with an HR Learning Management system or an HR Information System.
Most organisations interact with a wide variety of people, not just their own internal employees. In many contexts, organisations have as many Contractors, Service Providers, Vendors and Visitors at their location or performing their work on a site as they do Employees. These people too are required to be managed as they represent a significant risk to the Organisation.
Contact our team for more information.