Corporate compliance protects legal entities from organizational risks and legal penalties. Compliance programs document internal policies and procedures that ensure your organization maintains rigid compliance with federal or provincial/state laws and regulations. Many entities hire Chief Compliance Officers to enforce these compliance policies and protocols.
Compliance workflows have modernized thanks to advancements in entity management technology. Today’s compliance workflows are more automated than traditional practices, saving corporate entities valuable time through increased efficiencies. Compliance and legal departments are the chief beneficiaries of automated compliance programs.
What is the age of automated compliance?
The age of automated compliance describes how legal entity management technology provides time-saving solutions to traditional compliance workflows. These solutions have completely transformed how business entities develop, implement, and manage compliance programs.
What are the key steps to create a compliance program?
A corporate compliance program is developed using any of the following considerations:
Documented compliance policies
Designated compliance officers
Compliance training procedures
Whistleblower protection programs
Monitoring and auditing workflows
Compliance enforcement protocols
Investigative compliance procedures
Non-compliance response mechanisms
The purpose of having these documented steps and procedures is to create a standard for truth and accountability. Compliance officers, legal talent, and general counsel use the corporate compliance program to enforce compliance protocols.
Legal and compliance department heads are responsible for protecting the corporation from risk and non-compliance penalties. A fully documented compliance program ensures compliance is maintained at every level, thereby protecting the business from legal consequences.
How automated compliance is more efficient and effective
To create an effective compliance program, each sequence must be supported by documented evidence. Corporate entities create diligent minute book records that document all written compliance policies and procedures with up-to-date information. These records must then be approved by a senior legal or compliance officer.
Documenting each record has traditionally been a time-consuming process. While necessary to protect the legal security of the business entity, compliance workflows take an abundance of time away from your legal and compliance teams.
The benefit of automated compliance through legal entity management technology is that the documentation process becomes far more streamlined. Instead of manually writing every note, your legal and compliance teams can use compliance frameworks built within entity management platforms.
Simply point and click on select fields within your compliance framework, and you can use the platform’s drag and drop feature to build diligent compliance records in a fraction of the time. The age of automated compliance empowers global organizations to create audit-ready compliance reports within one centralized platform. It protects corporate integrity, reduces organizational risk, and helps save valuable working resources for the business.
Benefits of automated compliance for legal entities
Now that the case has been made for automated compliance in the macro sense, how do automated compliance workflows translate into direct business benefits for your legal entity? Here are four of the biggest advantages that come from using automated compliance workflows.
Run internal audits to test the effectiveness of your compliance program
Audits from federal or provincial/state regulators are serious undertakings. But you can prepare for such an extreme scenario by using your automated compliance solution to run internal audits and ensure compliance is maintained.
Your legal entity management platform includes a built-in compliance framework. This simplified module allows you to check off all the requirements to remain in compliance with the laws. You can run quick and efficient internal audits to test your compliance records and ensure the program is effective. In the event government regulators come knocking, you’re fully prepared.
Comply with corporate safety and security requirements
The safety and well-being of your employees is a vital piece of any compliance program. As a business, you’re responsible for maintaining the privacy and security of personal employee information. Failure to encrypt employee information risks the consequences of non-compliance.
Using automated compliance technology, all employee data is safely protected behind rigorous security measures. Your entity management platform is protected by biometric and hardware key authentication, restricting access to only the select authorized personnel who manage compliance programs. It’s a more effective way to promote employee security and well-being.
Enable all employees to understand the compliance program
Compliance and legal jargon can be very complex and confusing to a layman. While compliance programs are essential to your corporate entity, it’s hard to communicate those facts to employees who don’t fully understand how to interpret compliance reports.
Using automated compliance solutions like entity management technology, you can create detailed yet digestible compliance reports. Employees can refer to the reports and use the records to understand how compliance is enforced throughout the organization. Keep your team fully abreast of compliance protocols so that enforcement is an easier process.
Stay on top of compliance laws and regulations
Finally, it’s important to have a system that makes changes to compliance policies fast, easy, and efficient. That’s because federal and provincial/state regulators can adopt changes to regulatory compliance policies that require your corporation to amend compliance protocols.
Using automated compliance, those changes are quick and easy to make. You can make the lives of your legal and compliance teams much easier with a system that makes changes easy to implement and enforce.
Join the MinuteBox automated compliance revolution
Don’t miss out on a chance to embrace the age of automated compliance. Contact MinuteBox to start transitioning your corporate entity to modern and efficient compliance workflows that maintain corporate security and support your future endeavours.