Complex legal compliance requirements are viewed as a major stumbling block to increasing revenue and growing a business.
Well-run companies are aware that the failure to address this with the proper attention, however, could have devastating consequences – including fines, jail sentences, and irreversible reputational damage.
Attending to compliance issues can be cumbersome, as it preoccupies employees with numerous other responsibilities. This could result in wasted time and resources and lead to unachieved objectives.
With the rise of innovative technologies which address compliance in particular, the correct utilisation of the compliance function and its data can turn a major hindrance into a significant benefit for your business.
Compliance as a strategic enabler
Proactively using compliance means that you integrate it as part of your processes from the outset, which will help boost operational efficiencies across departments.
This not only reduces risk, but also ensures that strategic objectives of the organisation are met in a cost-effective, compliant way.
This strategic approach to compliance will require the right tools to undertake, which could include better technologies than what has been used by compliance teams in the past.
Making compliance a competitive advantage
Ensuring that you promote a culture of compliance not only puts you in a better strategic position, it also assures partners that you are an above-board business who gives the law the necessary attention it deserves.
This can give your business a competitive edge over other companies in your market
Legitimate entities will be more likely to conduct business with you, opening up new opportunities, while potentially dangerous players will stay away.
The added assurance can also resonate with customers who won’t fear being dropped into security or regulatory predicaments.
Use technology
One of the best ways to address compliance is to leverage the advances in innovative technologies to continuously improve initiatives and business decision making.
A compliance software solution built on best practice is significantly lower in cost compared to having an outsourced legal team.
Furthermore, the organisation’s compliance officer is enabled to focus on more complex priorities and legal requirements.
CURA and Africa NewLaw provide an informative and easy-to-use solution that can help organisations achieve their optimal regulatory compliance programme effectively and efficiently.
This solution will help you convert your compliance function from a cost centre, into a vital part of strategic enablement for your business.
Get CURA’s compliance solution today
CURA has 16 years of experience in providing optimised GRC software solutions to businesses across South Africa.
This allows companies to fill the gaps of connectivity and communication between and among its hierarchy.
Click here to learn more about CURA and Africa NewLaw’s Compliance solution.
This article was originally published on as partner content on BusinessTech and MyBroadband
