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Most compliance initiatives start as projects as companies race to meet the deadlines to comply with a specific regulation. However, compliance is not a one-time event and organizations are redesigning their compliance programs to make them repeatable process that can be sustained cost-effectively.
Maventic Compliance Management software solution provides a common framework and an integrated approach to manage all compliance requirements faced by an organization.
Traditionally, homegrown systems, stand-alone applications, or even manual paper-based systems have been used to manage various compliance processes at the departmental level to serve the needs of specific user groups. As various compliance initiatives become more intertwined from regulatory and organizational perspectives, multiple and disparate solutions lead to duplicative, and often contradictory, processes and documentation. Such environments do not provide clear visibility into the organizations' risk and compliance profile, bring down efficiency, and escalate the risk of non-compliance.
Compliance management is a critical component of the internal control process for any business and a prerequisite for assessing compliance with corporate performance standards. Whether it is compliance with internal corporate procedures, external regulatory requirements such as Sarbanes Oxley or compliance with industry codes of conduct such as ISO 14001, effective internal auditing is the cornerstone of compliance management and continuous improvement.
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