Vendor Management Regulatory Compliance
VENDOR MANAGEMENT BLOG

October 12, 2017

5 FACTORS TO CONSIDER FOR YOUR COMPLIANCE & RISK MANAGEMENT SOLUTION

In today’s ever changing regulatory environment, it’s hard not to feel like you’re constantly operating in defense mode as a compliance professional. Being on the offense for a change sounds like wishful thinking. But with new, next generation risk management and compliance solutions hitting the market, a proactive approach actually IS possible--if you know what to look for.

A solution that is adaptable, configurable, and scalable is the key for organizations looking to take better control of their compliance and risk management programs… but what exactly should that kind of solution entail?

Here are 5 non-negotiable capabilities to look for in your next generation compliance or risk management solution:

1. Customizability: there is no such thing as one-size-fits-all when it comes to compliance and risk management, so make sure your solution can be customized to meets the specific needs of not only your organization, but your employees who will utilize the solution as well.

2. Visual reporting & workflow: visual technology makes complex data appear neatly in easy-to-comprehend graphs and structures, allowing for easier navigation during review and audit processes. Workflow timing, parameters, etc. should be tailored to your company as well.

3. Integration: you’ll want a system that can integrate seamlessly with other business areas that work in conjunction with compliance and risk management, aligning identification, verification, risk assessment, screening, alert reviews, decision-making, monitoring and reporting functions, vendor management, BCP/DR planning, and is supported by accurate, up-to-date reference data and regulatory data.

4. Innovation/scalability: the solution you choose should be forward thinking. It should be able to accommodate your organization now and as it grows. It should have some kind of forum for discussion about improvements and regulatory changes. It should be anticipate changes to the regulatory environment.

5. Centralization: choose a solution that brings your business lines together and that can be accessed from anywhere, at any time.

If you take these 5 factors into consideration when evaluating solutions, you’ll be one step closer to flipping the switch from a reactive to a proactive approach to your organization’s compliance and risk management goals.

Contact a team member using the link below to schedule a demo and see for yourself how VendorInsight can meet your needs in all of these areas and more: