A compliance calendar keeps track of all your legal entity’s important filings. Compliance records include things like key filing dates, organizational charts, compliance workflows, as well as templates to monitor errors, statutory non-compliance, and date-based compliance tasks.
The purpose of a compliance calendar is to help organizations avoid subjection to the penalties of non-compliance. Compliance calendars and their corresponding workflows are central pieces of a business entity’s corporate compliance program. These programs reduce risk and protect entities from the legal and financial consequences of non-compliance.
Entity management software includes compliance modules
Compliance calendars and workflows are vital to the legal security of global corporations. Having a resource that simplifies compliance workflows is a valuable business investment. It protects corporate interests and makes legal and compliance teams more efficient.
Entity management software is the solution to more effective compliance management. Platforms like MinuteBox are intuitive systems that help legal and compliance teams streamline the entity management and compliance process. Your team can use the platform’s built-in compliance modules to track all important records and maintain compliance for all corporate entities and subsidiaries in one convenient location.
This is one of the biggest strategic advantages of investing in entity management software. All legal entity data is safe and secure within the platform, streamlining the process of maintaining compliance in global markets.
Additionally, as a cloud-based solution, your compliance team can grant access to fellow stakeholders regardless of geographic location. If any questions about the compliance records are raised, any stakeholder can log in and get instant answers to their questions. It makes entity management and compliance workflows more streamlined, more efficient, and more effective.
Strategic business benefits of compliance calendars
Now that we’ve outlined the best approach to implement a compliance program, what are the business benefits of implementing a more efficient compliance workflow? Here are five of the top business reasons why your corporation should invest in resources to maintain compliance.
Compliance calendars secure valuable organizational data
Safeguarding organizational data has never been more important. Cybersecurity breaches make international headlines, and they risk tarnishing corporate brand reputations.
If the compromised data includes any personal customer information, your entity could be subjected to massive financial penalties from regulatory bodies like the EU’s GDPR. The GDPR organization is very strict with their enforcement of privacy protection laws, subjecting Meta Platforms (parent company of Facebook) to a collective $3 billion in corporate fines for breaches of customer privacy.
Compliance calendars within entity management platforms protect all sensitive data behind biometric and hardware key authentication security parameters. The security measures are a stop-gap to restrict access to all sensitive data and maintain compliance with the laws.
Transparency and accountability are propped up by compliance calendars
More often than not, lapses in completed compliance tasks are due to forgetfulness rather than malicious intent. However, if those tasks are part of a compliance workflow sequence, one slip-up can cause the whole workflow to fall apart.
Compliance calendars include date-based compliance tasks that remind each stakeholder of when their responsibilities are required for completion. The platform uses prompted error messages to remind users when a compliance task remains incomplete. This workflow ensures everyone remains accountable, and that there’s consistent transparency across the corporation.
Become more adaptable if regulatory requirements are amended
Like many things in life, compliance regulations are constantly subject to change. Governments pass new laws or amendments to existing policies that can change how your corporate entity remains in compliance.
It’s normal for most entity managers to be so wrapped up in their day to day tasks that they fail to pay attention to government updates. Getting caught flat-footed in the face of new compliance regulations is normal, but it can be avoided with compliance calendars.
Storing data within compliance calendars means half your workload is already done. If regulators change compliance requirements by demanding new information from your business, you already have all the legal entity data you need to remain in compliance. Be proactive and you can be adaptable when the times call for it.
Improve coordination with subsidiary compliance managers
Global business entities usually have multiple subsidiaries under their corporate umbrella. Every one of these organizations must remain in compliance with jurisdictional laws to avoid any penalties that threaten the future of those subsidiaries.
Sometimes, a subsidiary needs vital information from your parent entity to remain in compliance. Using entity management software’s compliance modules, subsidiary compliance managers can easily access the information they need in one secure location. It allows compliance tasks to get completed quickly and avoids disrupting parent compliance teams from their day to day workflows.
Compliance calendars help your entity prepare for audits and reports
Another way to be proactive through compliance calendars is through preparation for worst case scenarios. Government agents can flag any corporation for an audit if legal and financial data raises any red flags with regulators. Compliance calendars ensure all corporate data is accurate, reducing the risk of an unwanted audit.
In the off-chance that your corporation is flagged for an audit, your compliance calendar makes it easy to generate reports for auditors. All your data is protected by entity management security measures, allowing you to quickly generate a report with all legal entity data instantly. You can give auditors the answers they need to complete their review and protect your business from stiff legal or financial penalties.
Create corporate compliance programs and embrace security
It makes logical business sense to be proactive with corporate compliance. Take measures to protect your legal security by investing in resources to help you build an effective corporate compliance program.
That’s the security and peace of mind you achieve by using MinuteBox’s leading entity management platform. You can protect your corporate interests, improve operational efficiencies, and maintain compliance without risk of legal or financial penalties. Join the MinuteBox revolution and take one step closer to modern corporate compliance.