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By deploying automated compliance solutions, organizations now have the opportunity to increase efficiency and the quality of work; thereby increasing their competitive advantage in the market.
Compliance automation enhances an organization’s risk management capabilities by automating compliance decisions, workflows, and reporting.
Why is Compliance Automation Important?
Automation reduces the need for many ad-hoc manual communications (e.g. email, telephone, face-to-face meetings) through automated workflows, decision support and trigger-based notifications. By deploying automated compliance solutions, organizations now have the opportunity to increase efficiency and the quality of work; thereby increasing their competitive advantage in the market. This therefore in the era of growing financial and non financial regulations, is a fundamental ingredient for commercial and operational success allowing organizations to cater to more demanding customer expectations.
Compliance Automation Solutions and It’s Use Cases
Even with a quality team of compliance experts operating at scale, the sheer volume to GRC work often means that the risk of non-compliance in meeting obligations is exacerbated. Checkbox empowers expert automation to ensure nothing is missed, incorrectly assessed, or lost in communication; and it enables this to be achieved at scale.
Compliance automation is best deployed to automate manual, repeatable processes and workflow. Often this is considered low value work, but not always. At scale, there is enormous value in creating no-touch and low-touch compliance activities in both low and high risk work. In both cases, automation gives time back to GRC teams, but also increases the quality and accuracy of outputs.
At Checkbox, we’ve come across a number of common categories of automation use cases for compliance teams:
- Claims review audit: Digitize your audits to retain 100% compliance with regulatory bodies with less cost.
- Information security risk assessment: Quickly automate information security risk assessments to keep information systems secure at all times.
- Automated Vendor Audits: Configurable and automated controls to enhance compliance and standardization.
- Business Innovation Risk Assessment: Automate risk management of business innovation ideas with proactive, empowered front-line teams.
What Are The Benefits of Compliance Automation?
With the deployment of automated compliance technology and solutions comes opportunities for organization to increase their competitive advantage. This is a fundamental ingredient for commercial and operational success in the era of growing financial and non-financial regulations, as well as more demanding customer expectations.
Some benefits of compliance automation include:
- Consistency & Quality – Well-defined automated compliance and risk processes provide a new level of consistency and a reduction in errors. Expert automation empowers consultants to ensure nothing is missed, incorrectly assessed, or lost in communication.
- Standardization – The snowballing landscape of governance, risk and compliance requirements leaves most businesses working across multiple standards. Despite major overlap, current approaches are fragmented and inconsistent. Expert automation cuts out that duplication by design.
- Efficiency – Compliance workers spend over 30% of their time on non-value adding activities; emails, spreadsheets, duplicating documentation, rework, fixes and internal discussions to make sense of it all.
- Data capture & analysis – Automation technology allows access to data that is often not captured in existing manual methods of working such as email, spreads sheets and phone calls.
Checkbox as a Compliance Automation platform
Checkbox empowers GRC professionals teams to build automation tools using no-code. Trusted by the best brands globally across risk, governance and compliance teams of all sizes, Checkbox has been a critical piece in their digital transformation journey, providing not only the best in breed automation technology but the expertise to ensure success.
Checkbox is known for being the easiest to use, yet powerful no-code automation platform available. Combined with our deep expertise in automation and transformation, we are excited to demonstrate to you why the best continuously choose Checkbox and why they always succeed with us.
Frequently Asked Questions
How to Automate Compliance?
1. Establish a set of guidelines that help navigate complex compliance frameworks and policies 2. Create compliant workflows that eliminate manual double entry 3. Create a centralized portal where compliance managers can track the status of contract execution workflows 4. Automate workflows that are catered to the specific process that matches the unique business requirements
What is Workflow Automation?
Workflow automation refers to the use of software to automate tedious and manual processes of workflow sequences that are industrial, administrative, etc.
What does compliance automation enable?
Compliance automation enables data capture and analysis of information that is often not captured in existing manual methods of working such as email, spreadsheets and phone calls.
Evan Wong is the CEO & Co-Founder of Checkbox, a 14x award-winning no code workflow automation platform, and is a listed Forbes 30 Under 30.