Businesses today are faced with an increasingly complex and continually changing regulatory compliance environment. The penalties for infringement are becoming more punitive adding an even greater imperative for the introduction of compliance software systems to ensure that enterprise risk management is being properly addressed.
To support a robust Compliance Process, the Regulatory Compliance Checklist (RCC) module was designed to encourages every level of the organization to take responsibility for regulatory compliance. The RCC module was born out of recognition of the role that technology has to play in assisting businesses to meet the challenge of establishing effective compliance programs.
Some of the key functionalities of the RCC module includes:
- Documentation of groupwide Regulatory compliance requirements to ensure clarify of compliance needs.
- Tracking of compliance levels and justification management.
- Gap analysis and mitigation strategy tracking.