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September 08, 2020
“The biggest part of our digital transformation is changing the way we think.”
Simeon Preston, Bupa
In the technology driven world, compliance is no more a mere “box-ticking” process but it creates a “compliant culture”. Irrespective of the size of a company or nature of business it is involved in, compliance has become arduousas well as rudimentary.
For such rudimentary and arduous tasks using Excel to manage risk is simply not right in such an environment and it makes organizations very susceptible to failure of compliance requirements. The consequences are far-reaching and potentially vast. Therefore, a modern, digital approach to compliance is required.
Moreover, taking into consideration the increasing number of regulations, to ensure being compliant with all the applicable laws/ compliances by detective and manual process is next to impossible and time consuming. Automation of all the repetitive processes by integrating appropriate preventive controls is the best and the most effective way to ensure being compliant despite all the challenging regulatory requirements.
Advances in Digital Technology have achieved great advances which have forced the companies to rethink the way they do business. In the same manner, compliances (helping clients be more compliant) are no exception as almost everyone has realized the need and benefits of digital transformation.
The proactive digital approach also enables a company to manage compliance on an ongoing basis rather than starting and completing as a project within a specific timeframe. Moreover,the Companies Act, 2013 also requires the Board of Directors to devise a proper system to ensure compliance with provisions of all applicable laws and to report that such systems are adequate and operating effectively.
The advantages of technologically automated compliance are obvious: Quality and efficiency can significantly be increased by replacing error-prone processes. The cost of digitization can be offset by the cost for prevention of potential delinquency and substitution of manual processes. The cost/ requirement of due diligence can be waived off.
In short, an ongoing and digitized approach enables a company to view compliance as a valuable competitive advantage rather than using compliance as a defense.
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