At some point in their career, every compliance officer will have to scout for new compliance technology. A modern compliance program has many different moving parts, meaning that it is crucial that you find technological solutions that can adapt to the complexity of your program. However, this is more easily said than done.
In order to help you pick a solution that works for your company, we have created The Buyer’s Guide to Compliance Technology: Key Considerations for Selecting the Right Tools. To author this eBook we partnered with Matt Kelly, the editor and CEO of RadicalCompliance.com. In the guide, Kelly systematically lays out a number of key factors every compliance officer should be aware of when shopping for new technology. Below you can find a preview of the factors Kelly describes.
The Six Components of Buying Compliance Technology
The guide addresses six critical components of a compliance program and explains what to look for in order to automate aspects of these functions:
- Code of Conduct and Policy Management
- Risk Assessment
- Training Program
- Case Management
- Gifts and Entertainment
- Third Party Due Diligence
Code of Conduct and Policy Management
Many companies already have a Code of Conduct in place, but a policy management tool can help to ensure the Code of Conduct isn’t misconstrued and that policies don’t contradict each other. Learn how the right tool can facilitate collecting employee signatures and automate notifications, relieving compliance officers of the annoying task of having to chase employees.
Risk Assessment
A corporate compliance program must typically address a wide range of risks, including anti-corruption, data protection, and money laundering risks among others. Learn how a good technological solution can greatly streamline risk management by importing up-to-date information from risk libraries. These libraries are managed by advisory firms and other outside sources, allowing for customized questionnaires and presenting the results in an easy-to-understand dashboard.
Training
Training is a crucial part of any compliance program, as evidenced by the Department of Justice’s emphasis on the topic when it evaluates programs. As such, it is important that the technological solution you choose is able to facilitate a strong training program. The eBook will explain how a technology-enabled solution should be capable of offering relevant training to each employee based on their risk exposure.
Case Management
Many laws and regulations now require companies to allow anonymous reporting of suspicious activity. A solid compliance program integrates whistleblowing reporting into a larger system of case management. Compliance officers should be able to see all allegations and investigations, coming from any source across the whole enterprise, in one place.
Gifts and Entertainment
Improper spending on gifts and entertainment is a huge compliance risk. An effective program needs to monitor and detect G&E activity outside permitted norms. The eBook explains a few functions a solid G&E tool should have, including the ability to pull data from a company’s financial systems. A good tool should track the money, or capture data from reimbursement forms filed afterward, and alert compliance officers of questionable payments.
Third Party Due Diligence
Due diligence is a core feature of any modern compliance program. Many of the tasks, such as screening companies and persons against watchlists and negative media reports, are repetitive and tedious, making them excellent targets for automation. The guide delves into a number of useful features a technological solution provides, including functionality to order higher level reports from a specialized consultancy. A good solution will be able to show you a “full picture profile” overview of each third party.
What to Look for in Compliance Technology
Download your copy of The Buyer’s Guide to Compliance Technology to gain insight to the key functions a solid technological compliance solution should have. In addition to the six critical components, we reviewed you will discover the functionality that all compliance technology should have.
Today, many compliance departments currently rely on multiple different vendors that do not integrate with each other, leaving compliance officers without a good overview of their efforts and losing track of critical data. Bearing this in mind, the guide lays out essential elements a well-integrated compliance software solution should have to empower compliance professionals and ultimately take your compliance program to the next level. Download your copy today!
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