Is a third party compliance management system worth the investment?
Third party management software is fast becoming a central component of compliance programmes, to the point where many now claim that technology is the only way to manage the growing regulatory burden.
However, as with any software implementation, the short-term and long-term financial benefits of the solution are difficult to assess at the outset.
In this paper Rebecca Palser, Global Product Director, looks at the various ways third party compliance software helps drive efficiency and uses a recent survey conducted by Risk Advisory to estimate the savings you could make by implementing such a solution.
Our findings revealed that technology offers compliance teams a way to build a more robust compliance programme and to manage it efficiently. In particular, third party compliance management systems offer many benefits, including:
- A platform for companies to create huge efficiencies within the system. Because no two compliance programmes are the same, it is difficult to put an exact figure on how much time is saved, but on average, the professionals we spoke to estimate that they save a day per week by using an online system.
- Help to implement your process consistently across the business, ensuring that you can evidence that your compliance policy has come alive and is having a real impact on reducing the company’s exposure.
- Act as an insurance policy so that you can produce evidence of the work you have done and the decisions that were made if regulators want to scrutinise your work.
Risk Advisory's third party compliance platform, LUMA, provides organisations with a cloud-based software solution to streamline the management of suppliers, agents, contractors and clients. To find out more or to schedule a demo click here.