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It’s Time to Think About Compliance as More than a Headache

By Thomas Schneck • March 1, 2018 at 5:00 PM

Information-related compliance mandates are everywhere.

There are plenty of regulatory requirements tied to your particular industry, and every industry has them. In banking, for example, compliance requirements include (but are not limited to!) those in the Truth in Savings Act, the Fair Credit Reporting Act, Bank Secrecy Act and the Community Reinvestment Act.

There are also compliance requirements tied to particular business processes like those that are HR-related.  Consider the information management obligations associated with hiring, payroll, benefits, performance reviews and termination. Add to that compliance requirements particular to just about any other core business function, ranging from finance (everything from invoicing to audit) to marketing (GDPR and privacy) to the executive suite (like Sarbanes-Oxley) and beyond.

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Now add multiple – and often conflicting – layers of compliance requirements based on geography, from local to county to state to national jurisdictions. Compliance is not really a single process within any organization, but actually represents a number of different processes by which the organization documents what it does and how it does it in order to demonstrate compliance with regulatory, industry or legal requirements.

Strict operational standards surrounding document security, data privacy, retention policies and information disclosure can quickly overwhelm poorly equipped teams and unprepared organizations. Penalties for non-compliance are steep. Costly fines, litigation and disastrous public relations issues are common.

It’s no wonder that many C-suite executives view compliance as a major headache at best and a huge productivity drain at worst.

But what if you could automate much more of this than your competitors, and those savings filtered down to the bottom line?

What if your legal costs – not to mentioned legal risks and exposure – were less than the average in your industry?

What if the information management discipline needed to automate compliance also allowed teams of knowledge workers to better execute processes with speed, accuracy and confidence?

What if compliance-driven automation allowed you to finally gather all of the information about a customer into one place, at the right time?

What would all of this mean to customer satisfaction and retention?

Traditionally viewed as a headache and a cost center, compliance mandates around information security and transparency can drive significant business benefits beyond avoiding fines and litigation. The information management discipline associated with automating compliance processes can directly translate into value and competitive advantage.

What are you waiting for?

Topics: Compliance

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