Compliance.sh

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Compliance.sh is in the stage of rebuilding its MVP and invites users to sign up for beta testing.

How Compliance.sh can help you:

Streamline compliance processes.
Automate compliance monitoring and reporting.
Provide insights into compliance risks and recommendations.

Why choose Compliance.sh: Key features

User-friendly interface.
Comprehensive compliance solutions.
Customizable compliance workflows.

Who should choose Compliance.sh:

Businesses looking to simplify compliance management.
Organizations in need of automating their compliance processes.
Teams seeking insights and recommendations on compliance risks.

About Compliance.sh

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https://compliance.sh

Release Date

March 2024

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Survey: Only 16% of Organizations are Approaching the Next Frontier of Compliance

LOS ANGELES, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Today, FloQast, an Accounting Transformation Platform created by accountants for accountants, announced the results of Exploring Strategic Compliance: The Next Frontier, the company's latest research initiative aimed at shedding light on the trends and challenges facing compliance teams. The survey reveals that 47% of compliance professionals are focused on simply finding a better, easier way to alleviate the burden of the legal requirements of compliance, while only 16% are ready to go beyond checking a box and adopt a strategic approach to compliance. This survey further investigates the "how" and "why" behind this discrepancy, exploring how organizations can move beyond traditional risk mitigation to instead adopt compliance programs that embrace a more strategic approach focused on risk navigation - otherwise known as "risk orchestration." The survey highlights a key finding: three distinct approaches to compliance, with strategic navigation of risk emerging as this new frontier. This approach empowers organizations to shift from merely handling risks to gaining valuable insights from them that may help steer organizational strategy. The ultimate goal is to move towards risk orchestration, an approach that helps determine when and how risk information is necessary, optimizing decision-making and maximizing outcomes. In addition to these better business outcomes, survey data indicates compliance teams that have adopted this strategic approach report more positive feelings of value and respect in the organization - and may even make more money. "Today's business environment is dynamic and competitive - we all know that much," said Mike Whitmire, CEO and co-founder of FloQast, CPA. "Trust is more important than ever, and compliance with an eye on risk is key for maintaining an ethical image in the eyes of stakeholders. Risk navigation and orchestration provide a necessary strategic approach to both pursuing and mitigating risks, that empower companies to better navigate various external factors, including the economy and different compliance environments. By structuring the compliance function to navigate risk strategically, organizations can respond effectively to all these external factors, thereby honoring that carefully placed trust." Other key findings include: Struggling with Administrative Burdens: 47% of compliance professionals reported they were focused on finding an easier way to satisfy the legal requirements of compliance. Compliance currently feels like an administrative burden, coupled with stringent external requirements.Compliance Drives Strategic Insight: 80% of compliance professionals in strategic roles are focused on helping their organizations identify appropriate risks, while 79% are dedicated to providing greater visibility to senior management, highlighting the growing importance of compliance in driving strategic decision-making and risk management.Navigation has a Leg Up Over Mitigation: Strategic navigation professionals are 7 points more likely to be viewed as advisors than risk mitigation professionals. As more companies recognize that compliance is more than just a regulatory requirement but a dynamic tool for navigating risks, they can make smarter decisions about when to advance and when to hold back. With the right technology in place, such as FloQast Compliance Management, businesses can automate routine tasks and gain real-time insights, allowing compliance professionals to focus on strategic planning and advice. By embracing integrated risk management and continuous control capture, organizations can elevate their compliance functions from mere oversight to key strategic partners, driving both protection and growth. FloQast is committed to publishing industry research on today's most pressing topics in the accounting and finance ecosystem. Earlier this year, FloQast released Embracing Financial Transformation: What It Is, Why Organizations Should Want It, and How to Achieve It. For this report, FloQast surveyed 104 CFOs and 341 compliance professionals in July 2024. Survey participants resided in one of three regions: North America (Canada, the United States); EMEA (Austria, Finland, Germany, Netherlands, Norway, Sweden, Switzerland, and the United Kingdom); and ANZ (Australia, New Zealand). Explore more about the development of Exploring Strategic Compliance: The Next Frontier and its findings here. About FloQast FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 2,800 global accounting teams - including Twilio, Los Angeles Lakers, Zoom, and Snowflake - FloQast enhances the way accounting teams work, enabling customers to automate close management, account reconciliations, accounting operations, and compliance activities. With FloQast, teams can utilize the latest advancements in AI technology to manage aspects of the close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration overall. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com. Kyle Cabodi FloQast Director of Corporate Communications kyle.cabodi@floqast.com Market News and Data brought to you by Benzinga APIs

Benzinga

Wed, 18 Sept, 4:08 PM UTC

6 Ways Automation Can Eliminate Your Company's Compliance Risks

As government regulations and industry standards become increasingly stringent, many firms -- particularly professional services firms -- are under pressure to ensure they are operating in a compliant and legal manner. Failure to adhere to these regulations and requirements can have serious consequences for the company, including hefty fines, negative public perception, legal action and business disruption. Historically, compliance and risk management were a manual process where teams meticulously tracked, updated and verified compliance metrics and standards. Unfortunately, the margin for human error is enormous and could leave the company open to significant risk. The solution lies in workflow automation systems. By leveraging automated systems to track, monitor and complete regulatory and compliance tasks, companies can improve their ability to remain in line with the current standards. Related: Smart Entrepreneurs Use Automation to Become More Efficient. Here Are 6 Ways to Adopt It. Manual processes are one of the leading causes of regulatory and industry compliance failure. This is especially true for companies that have numerous employees performing different tasks in slightly different ways. Implementing an automated workflow process enforces consistency and uniformity by standardizing processes across the organization. With each task being performed within the bounds of the workflow systems, the company has more control over team members who may cut corners or deviate from the complaint process. In many cases, compliance and regulatory violations aren't intentional or malicious. Even the most diligent employees can make mistakes from time to time. Unfortunately, when it comes to compliance, even small, innocent errors can come with outsized consequences including large fines or legal action. Automation can reduce the risk of human error by taking over routine and repetitive tasks, like data entry, that are prone to manual mistakes. Regulatory requirements are constantly changing. Nearly two-thirds of business owners admit that they struggle with keeping up with compliance regulations. It can be challenging to track and implement these changes, leaving the organization out of compliance. Industry-specific workflow automation systems can be programmed to automatically integrate regulatory updates as they become available. For example, tax accountant firms typically use software that updates to the latest forms available from the IRS. These tools can also provide real-time monitoring of potential compliance issues and provide system alerts. This allows for compliance issues to be addressed before they snowball into a major problem, ultimately avoiding a fine or other consequence. Related: 3 Ways Businesses Are Staying Ahead of Regulatory Changes in 2024 Highly regulated businesses are often required to maintain a robust repository of important documents such as permits, financial records, employment contracts, regulatory filings and other legal agreements. The mismanagement of these important documents can lead to serious consequences if they are lost or inaccessible during an audit. Automated workflow systems can streamline document management by organizing, storying and archiving all necessary documents in a systematic way. The best part is that digital documents can be backed up and aren't at risk of permanent loss in the event of a flood or fire. In many cases, companies are required to submit or publish documentation to regulatory agencies or to the public. This can be a very time-consuming process. In addition to storing important documents, automated workflow tools can also leverage system data to help generate these reports instead of completing them manually. This can reduce the risk of inaccurate or incomplete reports being filed with regulatory agencies. One of the fastest-growing areas of compliance is data security, especially with the advancement of tools such as artificial intelligence. Numerous governments and agencies across the globe have developed standards and requirements around how sensitive and private information should be stored and handled, particularly regulations like GDPR and HIPAA. Manual processes and human handling can expose data to unauthorized access or breaches, leading to compliance violations. Most automated workflow platforms come equipped with the latest built-in security features such as encryption, user authentication and access controls to help safeguard sensitive data and comply with data protection regulations. Related: The 5-Step Guide to Navigating Legal and Regulatory Changes in Business Workflow automation systems are transforming the way businesses manage risk and compliance. The downside is that governments and regulators understand the power of these systems, which may encourage additional complex regulations in the future. It's critical for organizations to start implementing these systems so they can remain ahead of this curve. As regulations continue to evolve, leveraging automation will be the key to protecting your business against any regulatory or compliance risks.

Entrepreneur

Wed, 18 Sept, 6:02 PM UTC

Compliance: Seeing the woods, AND the trees

Two thirds (65%) of businesses say that tech complexity makes governance issues worse. In an industry like financial services, this simply won't do. As FS and banking Chief Compliance Officers (CCOs) know, rapid deployment of new technology and processes since the pandemic has forced a complexity onto businesses which causes headaches for employees, from frontline staff to the board. Accountability is imperative when operations break down, stakeholders want to know that when something stops working, teams are dedicated to fixing it. The same is true for compliance. One bank gets fined for breaching regulation and every CCO, at every other bank, leaps into action to find the non-compliant needle in a rapidly expanding haystack of processes. But against the backdrop of complex and interconnected processes, how can compliance and operations officers work together to identify and address those processes that put them most at risk? What we know from our customers is that compliance teams have an arduous task on their hands. Not only do compliance failures cause short-term financial damage, there's also a longer-term reputational damage that's as-yet hard to quantify. The pressure rests on the shoulders of a back-office team, with a somewhat intangible success metric: stay compliant. Once a bank is labelled as unable to abide by industry rules, customers, shareholders and competitors will develop hard-to-shift, negative perceptions. In an industry predicated on trust, this could be hugely damaging. Financial services organisations should be worried about meeting compliance needs. But they don't have to be kept up at night, if they have the right systems in place to manage their operations. You can't monitor what you can't see. The first step in any journey to identify and address potentially non-compliant operations is to paint a picture of all processes within an organisation. This builds a strong foundation for the compliance team's strategy. There are many reasons to map processes. Firstly, and maybe obviously, identifying the least efficient processes shines a light on unnecessary costs such as bottlenecks and redundant exercises. Streamlining operations can be a key focus for process management activities - but that's not what this article is about! More relevant to compliance, it's imperative to identify processes which have deviated from their approved [compliant] course. Processes can fall out of compliance for many different reasons: they might be antiquated, systems may stop working or employees may simply have more efficient ways of doing them. In most cases, employees may not be aware that their work-arounds have regulatory implications . Setting parameters of acceptability through KPI thresholds helps to spot the most dangerous situations. In addition, having a view of processes that shows the degree of deviation, and the frequency of non-compliance not only paints the picture of 'real-life', it also identifies the scale of the compliance challenge, and therefore the urgency. Visualising all of this: process flows, levels of deviation and automation tools, in a single pane of glass, makes data analysis and insight infinitely easier. This level of process intelligence is something that many businesses don't have - but they can with a commitment to full process transparency and management in their organisation. It doesn't matter where you are in your compliance journey, it matters what you do next. Even the most competent, can't become complacent, as the next unforeseen challenge might be just around the corner. Implementing standardised formats across the business helps with compliant process creation, monitoring and management. Applying a clear standardisation policy for processes at the start of operations means that as the organisation develops, it's much easier to ensure new processes are created in the way that they should be. AI can be a powerful tool here - not only helping any employee build a new process, but if it's trained correctly, an AI will only create compliant processes. The next stage is educating those who are directly responsible for managing these processes. Understanding why processes have been created, how they've been designed with reporting and analysis at their core, and the business criticality of ensuring compliance, creates a culture of awareness and responsibility. Taking this a step further, educating teams to be aware of these regulations and how their specific role can affect the business's compliance with them can illustrate this point further. Once these steps have been taken, it shouldn't be a flash in the pan, but a continuous process. Just because a problem has been addressed once, doesn't mean it's addressed forever. Introducing an audit into annual, quarterly, even monthly reports keep the issue top of mind for all employees. Furthermore, once these processes have been established, there is room for automation to take over. Instead of creating a new workload to distract already stretched teams, leaning on automation technologies which can flag the most at-risk processes would streamline the entire compliance journey. Furthermore, organisations can use historical and market data to identify patterns in the sector, to anticipate changes to laws and get ahead of regulators by reporting on important, but not enforced, processes and operations. Regulations seem to be changing everyday. Whether it's new privacy directives being issued to combat tech-creep, new international law affecting data movement, or even new interpretations of established laws, companies have a lot to keep on top of. The constant that we all have to be reaching for is transparency. Bringing all processes to the fore, with a clear view of which are most at risk, and which are the most urgently out of compliance, can help organisations to build a strategy and assure stakeholders that they are compliant, proactively managing risk and ensuring a stable, positive future for the business.

Finextra Research

Thu, 29 Aug, 12:08 PM UTC

Skillsoft's New Compliance Training Solution Transforms Risk-Based Learning

Leverages AI technology to tailor compliance training to each employee's role and required regulations Skillsoft (NYSE: SKIL), a leading platform for transformative learning experiences, today launched Skillsoft Compliance Suite, a new offering within the company's compliance training solution that transforms how organizations develop the competencies needed to identify and mitigate business risk. Compliance Suite delivers several new features headlined by Dynamic Content, enabling learning administrators to easily deliver risk-based training programs tailored to each employee's role, geographic location, management responsibilities, required regulations, and beyond. Compliance training has historically been one-size-fits-all, failing to address the varying responsibilities, needs, and nuances of each employee. Research shows that just 37% of leaders are satisfied with their business's ability to develop skills needed to reduce risk. As organizations face tighter budgets, staffing shortages, and increasing regulatory requirements, the need for a flexible, risk-based approach to learning is critical. Skillsoft aims to meet this demand with Compliance Suite, allowing organizations to personalize learning, build learner-specific risk management skills, and drive measurable behavioral change across their workforce. "We view risk-based learning as the new gold standard for compliance, driven by stricter laws and regulations, and the need for effectiveness and efficiency," said Asha Palmer, SVP, Compliance Solutions, Skillsoft. "We're leveraging emerging technologies to deliver a hyper-personalized experience where learners receive content tailored to their 'risk profile' - including their role, career path, and state or country's mandates. Coupled with Skillsoft's best-in-class compliance curriculum that ensures customers stay up to date on emerging trends and regulations, we've created a far better experience for learners and administrators." In addition to Dynamic Content, new capabilities within the Skillsoft Compliance Suite include: Fully Integrated & Customizable Experience: Skillsoft compliance training is now integrated into Skillsoft Percipio, consolidating all of the company's learning solutions under a single platform. New features available now and in the coming weeks include customizable compliance training courses, multi-language course assignments, and learning management system (LMS) connectors to streamline management for learning administrators and simplify the development of a skilled, global workforce.Risk Dashboards & Analytics: Enhanced program dashboards allow administrators to see the progress and effectiveness of compliance assignments. Forthcoming risk dashboards will allow customers to pinpoint and prioritize the top risks within their organization by leveraging learner data such as skill assessment scores, engagement levels, and course time to completion.Emerging Risks & Laws: Skillsoft's expanded curriculum covers emerging, critical topics such as the EU AI Act and Canada Law 25, equipping organizations with the knowledge needed to navigate complex compliance landscapes effectively.AI-Powered Learning: Skillsoft CAISY™, the company's award-winning AI-powered coach, provides an interactive experience for learners to practice real-world compliance situations in a safe environment, including protecting personally identifiable information (PII), delivering respectful communication, and identifying bribes. Lori Thompson, Director of Human Resources for national media company Lee Enterprises, said, "With employees serving 73 markets in 26 states, each having a unique set of compliance training requirements, the Skillsoft Compliance Suite is invaluable for our company. Dynamic Content allows us to easily manage the complexities of different state regulations and deliver the right training to the right employees at the right time. It's a win-win for administrators and our talent."

CXOToday.com

Tue, 10 Sept, 2:11 PM UTC

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