Compliance within any organization is a must. However, there are many things that need to be taken into consideration to achieve this goal. Automated Compliance Management System increase your ability to support short and long term goals, signals the need for complaint handling, fosters effective employee training and provides insight into your organization’s risk.
There are many benefits of a Compliance Management System that simplify day to day processes throughout any enterprise. It saves time, resources and revenue when things are done correctly the first time.
Do you know where you stand when it comes to compliance?
To help answer this question, VERSE offers a complimentary Compliance Grader. Using this tool, you can assess their organizational needs for compliance and get instantaneous results just by answering a few short questions.
To see for yourself what you can learn and how you can benefit from grading your compliance, we’ve compiled the initial results of our Compliance Benchmark Report below, to provide insight into where automated tools can help improve compliance.
- 59% of Corrective Actions are Currently Late: When managing Corrective Actions, it’s important that they are completed on time to ensure compliance. According to the report, 59% of individual’s corrective actions are currently not within their due date. To mitigate this, the automated Quality and Compliance System provides notifications of impending due dates to ensure that all tasks are completed on time. In the event that the person responsible for a certain task was out of the office, the system would automatically delegate the action item to ensure that it is dealt with within the specified timeframe.
- 71% Do Not Prioritize Corrective Action Using Risk Tools: Risk Management ensures quality and compliance by catching high-risk events that can be detrimental to your system and compliance goals. After the events are caught and stopped, the goal is to also prevent them from returning before they can take place and cause long term damage. Risk Management allows organizations to prioritize corrective actions by criticality. 71% of respondents were unable to prioritize their corrective actions. Using automated Risk Management tools will enable you to address adverse events by severity, as opposed to the order in which they entered the system, giving you insight into which threats pose the highest level of risk for your organization so you can address those first.
- 71% Do Not Reference High-Risk Areas on their Audit Checklist: Audits are used to prove that internal processes are working effectively; however, they are often completed manually which leaves room for human error. With an automated Audit Management system, the ability to conduct frequent audits along with specified reports for each single audit becomes easier. Using automated Audit Management software, administrators can set up audits throughout the year by enabling the integrated and configurable checklists and scoring methods. Automated software can also provide visibility into where the highest risk areas are. 71% of respondents did not have an audit checklist that included a reference to the most at risk controls of their system. A quality and compliance system that is able to conduct audits and provide notifications and escalation of due dates can help to improve processes. By automating the audit process, organizations can gain better insight into which processes are not as effective as they could be.
- 67% Do Not Have Visibility into Problem Areas: Reporting allows organizations to produce metrics on problem areas and their causes. More than half of companies on the Compliance Benchmark Report could benefit from the use of an automated reporting tool to provide visibility into the root cause of problem areas. A Reporting tool can be the difference between staying ahead in compliance and falling behind. According to the results, 67% did not have the ability to produce the metrics on their problem areas and causes. The ability to automate reporting is an integral part of fostering change within an organization. Since there is so much data entering the system that must be manually filtered the process of simplifying reporting will increase visibility throughout all areas of the business and ensure insight on anything that may need change.
With an automated Compliance Management System, achieving a higher level of quality and compliance is possible. The results of the Compliance Benchmark Report show that organizations can benefit from the ability to automate processes, improved productivity, increased visibility into risk and the ability to use all data gathered to make decisions for continuous improvement.
Try the compliance grader today and find out what your business needs to succeed!