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Regulations
Today regulations are a spider web across your organization\'s systems.
Your agreements with customers, partners, and suppliers, put your organization at risk of non-compliance with every mistake. Corporate governance requires that your organization comply with every regulation affecting your business, and that corrective actions be taken swiftly when your own internal monitoring systems indicate a failed process, especially when such failures may be quickly reported to government regulators.
The burden is huge, and there is not an industry or business department untouched by international, federal, state, and local regulations, as new laws are made to protect employees, consumers, investors, and the environment on a daily basis.
New Laws Drive Recording Keeping and New Reporting Requirements
As these new laws are passed, career professionals apply best practices to define regulations in the spirit of the law, which always includes documentation requirements that must be ready for audit, and more often than not, the new regulation has self- regulated quality-control requirements, as well as government reporting requirements to provide documented information to the regulating authority at specified intervals. In order to comply, organizations have no choice but to respond by means of their time-honored, manual processes.
As a result, your organization’s policies and procedures must change to incorporate the new, standardized record keeping, so that it is audit ready on demand by regulators. When reporting is required, processes must include a responsible person who aggregates the data, checks for completeness, and submits the reports as defined by the regulation.
Today Regulatory Compliance is Managed in Spreadsheets and Manual Filing Systems
Today managers, internal auditors, and compliance officers are forced to turn to spreadsheets, e-mail, and share drives to manage the oversight of most regulatory requirements. In only a few areas, like payroll tax reporting, do organizations have the ability to leverage the technology of automation. In some instances third-party solutions have helped organizations in the short term, but changes to the regulations quickly required additional spreadsheets to support the oversight, and the knowledge captured is lost in silos of inaccessible information.
Regulatory Challenge- Deploy process improvements to front-line activities.
- Eliminate garbage-in, garbage-out reporting from missing, incomplete, and expired information.
- New laws require upgrades to business policies and procedures, which require training, new forms, new check lists, and new internal controls. Many times the new laws only affect a single location in the country.
- Most regulatory requirements affect day-to-day workflows that occur manually at the front lines, as salespeople, administrators, engineers, staff, managers, field workers, facility personal, and endless other roles are responsible to collect, verify, and capture critical data and documents, for the business process to be compliant in real time.
- Turnover in staff causes valuable process knowledge and documentation to be lost.
Spreadsheets dominate the data management of key data points. Employees lose countless hours in the manual re-keying of data for management.
- Expired documents and information updates are often missed in the manual interaction with spreadsheet data to track and manage information.
- Business forms are paper-based, requiring administrators to both re-key data into a spreadsheet or a database for management, and physically file the document for record keeping in paper files, or scan and store it in a document-management system.
- Forms are often incomplete and supporting documents are missing or expired during the initial processing, causing additional follow-up for the administrator.
- Electronic forms posted to the web site for customers, vendors, and suppliers must be manually re-keyed when they are received, often into spreadsheets.
- Missing, incomplete, and expired documents exist in almost every file.
- Long-term business intelligence is lost in spreadsheet silos and paper filing systems.
- Documents are left unsecured, violating many regulations, such as HIPPA.
Regulatory Solution- Provide business managers with the ICertainty Toolkit, in order to dynamically update and deploy record-management systems that store both data and documents in a unified system, while applying continuous audits to each record in real time, using ICertainty PGRC Templates that are mapped back to each policy and procedure and the defined regulatory requirement.
- Deliver front-line users real-time ICertianty Business-Process Dashboards to oversee required data and documents, so they can take faster action when documents are received with incomplete, missing, or expired information.
- Deploy ICertainty Smart View reporting into each regulatory requirement, allowing self-managed oversight of regulated business processes. Let technology manage the information, sending alerts and scheduled reports to those that need to know and have secure access.
- Require vendors and partners to submit information using ICertainty’s Smart Binders to automate the filing, processing, and management of the information, which relieves your staff of the burden and time loss caused by the manual chores, while providing managers with real-time statistical analysis as the information is saved into the ICertainty SQL data base.
- Deploy ICertainty Smart Workflow API’s to auto-process data among existing systems that maintain a single point of truth – like accounting systems – to validate compliance requirements such as an employee’s job description or a vendor’s role.
Regulatory Results- Audit-ready documentation on demand.
- Top-down visibility into every business process incorporated into ICertainty workflows.
- Dramatically increased production, as employees know exactly where to spend their time.
- Real-time accountability with a “single point of truth”.
- Productive committee meetings using interactive reports with drill-down to data, documents, and notes in the context of the business process—in real time.
- 100% information security as data and documents are stored in secured templates defined by the organization’s compliance programs.
- Faster deployment of strategic initiatives to comply with regulations, as PGRC templates can be deployed in real time, and proliferated to everyone who is affected by the program.
- Real-time reporting with ICertainty Business-Process Dashboards, delivering role- based information for accurate, timely communication and accountability to those that need to take action.
- Elimination of costly fines due to lost, missing, and incomplete documentation.
- Management peace of mind for SOX compliance, with documentation mapped to policies and procedures only one click away.
- Faster corrective actions, with event alerts and scheduled reports to inform managers in real time when processes are off course.
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