Compliance operations can be enhanced and streamlined with technology. Here are five tips to use technology effectively for your compliance organization.
No matter how precise your company’s compliance program is, there are surely areas that could use improvement. Begin any analysis by understanding where the gaps lie in your organization – both small and large – will lend insight into where technology can make an impact.
The world of technology is a broad one, and choosing a technology solution at random can cause more harm than good. Begin by researching the options that could possibly work in your favor, and then delve into the details. If you find yourself lost in the vast number of options, bring in other team members or outside consultants into the decision.
Using technology effectively does not always mean choosing the most obvious solution; consider options outside the well-known. For example, a combination of two less-expensive types of software may achieve the same results as one pricey platform.
As most technology is evolving constantly, future costs and upgrades need to be taken into account before decisions are made. The daily operation of the technology needs to be accounted for as well – will it continue to be helpful down the line without becoming a burden? Outdated technology can slow down compliance more than having no technology involved at all, so consider appointing someone to monitor your technology platforms and keep your compliance systems up-to-date.
Keep fairly detailed tabs on your new technology’s performance. Even the most promising technology can fail, and it is critical to be aware of these possible gaps. The new technology can then be tweaked to be as effective as possible (or removed, if necessary).