Tools for Tracking and Managing Compliance Requirements and Activities

Compliance is a key corporate activity, the importance of which can’t be overstated. Compliance isn’t relevant only for highly-regulated industries like finance and healthcare. Every business is regulated in some way or another, including oversight of basic issues like employee pay and workplace safety. The myriad regulations that touch a business can be intimidating for an individual or group of compliance professionals tasked with—among other responsibilities—ensuring the appropriate members of the organization are trained on those requirements. Fortunately, there are a number of platforms that have been developed to make the task more manageable.

“Platforms like GAN Integrity are built on the premise that compliance efforts should be more visible to the entire team, in order to keep key players in the know, even as they digitize time-consuming document management,” says Andrew Medal, writing for Entrepreneur. “As companies gain access to better compliance technology, they may be able to detect and solve problems sooner.”
The website Capterra lists a number of different compliance platforms, demonstrating the variety available to businesses. The challenge many face is selecting the right platform based on the specific needs of the business. As Medal points out, those who are familiar with compliance management are also familiar with what is often inflexible, legacy software that fails to meet unique business needs. “That’s why more and more companies are turning to platforms that can house all  their compliance data and management efforts in one place,” he writes.
Compliance can be a daunting concept for businesses, especially smaller companies with limited resources. Nevertheless, compliance professionals, or those charged with the task, need to be able to manage compliance requirements effectively and make sure the rest of the organization is educated on those obligations. Compliance platforms can go a long way towards making that process more manageable, minimizing risk in the process.