![]() ![]() ![]() It helps you to organize and automate compliance tasks and generates data about the program’s performance that you can study, and then use to improve. That understanding of your compliance program is what compliance software brings to the surface. The goal for compliance officers is to understand how well the organization is achieving that goal, so it can be documented and, as necessary, shown to regulators or other stakeholders who might be asking about the company’s compliance program. For global organizations with thousands of third parties, the compliance program might never achieve perfection but the right software can help immensely with streamlining these complex processes. Spoiler alert: that process won’t always work flawlessly. Then the software would need to confirm that anti-corruption training materials have been sent to the parties and lastly that the company has received attestations in return. Then it would need to cross-reference those parties against external databases to identify which parties are high-risk. In practice, that means your compliance software needs access to a considerable amount of data, both inside and outside your enterprise.įor example, the software might need to extract payment data from the company’s finance systems, to determine who the company’s third parties are. (And a bonus step: you might want to collect attestations from those parties that they’ve taken the training and promise not to offer bribes on your behalf.)Ĭompliance management software observes and coordinates all those steps so that you, the compliance officer, can understand how well the process is actually working. Then the company needs to train those high-risk parties on your anti-bribery policies. Then it needs to assess which ones are at high risk for, say, offering bribes. Those are three interconnected tasks.įirst, the company needs to find all the third parties it has relationships with. Let’s take the example of identifying, assessing, and training third parties about anti-corruption. The application (or just as likely, a suite of applications) coordinates the jobs to be done, tracks what is not getting done, and brings all that information to senior executives’ attention so they understand how well the compliance program is, or is not, working. What Is Compliance Management Software?Ĭompliance management software is just what the name implies: software that helps you to manage the company’s compliance tasks. Next up: the role that compliance management software plays in helping you run your program. We’ve already addressed what a compliance function should do, and what compliance risk management is. Today, we return to our Compliance 101 series. ![]()
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