As a business, ensuring that you are compliant with the government regulations that are applicable to you can be a challenge. Especially when these government regulations are changing frequently. No matter how big or small your business is, it’s always better to budget for compliance than to suffer the costs of non-compliance. Luckily, there is a technology solution that can help your business meet its compliance requirements.
Before we dive into the 5 ways compliance software can help your business, let’s take a look at what compliance and compliance software means exactly.
What Is Compliance?
In the business world, making sure you are compliant is measured by the ability of your business to act in accordance with the laws, regulations and standards that apply to you. One of the challenges that businesses face is determining which laws, regulations and standards they need to comply with. And how to keep up with these ever-changing requirements.
What Is Compliance Software?
Compliance software helps businesses manage and meet their compliance requirements by automating and increasing the efficiency of the compliance process. With the help of compliance software, making sure your business is legally compliant doesn’t need to be a costly and people-intensive process. Meeting your compliance requirements comes with a whole set of challenges, and technology is here to help ease that pain for your business.
How Can Compliance Software Help Your Business?
Here are 5 ways a compliance software solution like Libryo can help your business.
1. Knowing What Legal Requirements Your Business Needs To Comply With
One of the many challenges that businesses face when it comes to meeting their legal requirements, is knowing what exactly they need to comply with. With Libryo, we make it easy for your business to know what your requirements are, using our context brief solution. All you need to do is answer a set of yes or no questions about your business and we do the rest!
Libryo applies the context of your business against our legal dataset and delivers an up-to-date, online legal register that we call a “Libryo Stream”. Your Libryo Stream includes all legislation, regulations and notices that are applicable to you, is searchable and has access to plain language legal summaries. With your customized Libryo Stream solution, you’ll always have access to your requirements and don’t have to be a lawyer to understand what to do.
2. Keeping Up With Regulatory Change
Keeping up with regulatory changes has been the top compliance challenge for businesses for the past few years. With the Covid-19 pandemic only accelerating the rate of regulatory change even further. Without the help of legal technology, businesses struggle to keep up with regulatory changes and risk non-compliances.
Libryo’s regulation monitoring and updating service helps businesses keep up with regulatory changes that are applicable to them. This helps compliance managers stay on top of any new requirements and ensure they are actioning the changes.
3. Knowing What To Do In Order To Comply With Your Legal Requirements
With your customized Libryo Stream and monitoring and updating service, you’re able to know what your legal requirements are at all times. But ensuring that your business is complying with its legal requirements is an additional problem to solve. Libryo’s Assess module is a self-auditing tool that outlines exactly what you need to do in order to be compliant with your legal requirements.
With Libryo Assess, you can:
- Know exactly what to do in order to meet your legal requirements.
- Share your compliance status anytime, anywhere.
- Determine your risk level on a global scale.
4. Access To Applicable Standards And Other Requirements
In addition to government legislation and regulations, there are government standards that businesses must comply with. Having access to these standards usually comes at an additional cost and also needs to be maintained.
Libryo’s Drives module makes it easy for customers to store their applicable Standards and other requirements, so that they can be accessed on the same platform as their legal requirements. Libryo’s search function also makes it easy for users to find their relevant standards within our system.
5. Easy Integration With Other Compliance Tooling
Managing compliance for a business is an intensive and intricate process that often requires more than one software program. Libryo integrates seamlessly with Government Risk & Compliance software to provide your business with a holistic compliance solution.
Get Compliance Confidence With Libryo
The consequences of non-compliance far outweigh the cost of investing in a compliance solution. Trying to meet your compliance requirements as a business can be a tough challenge if you don’t invest in the right resources. Long gone are the days of maintaining spreadsheets or trawling government websites for legal information. Reach out to us today if you want to get compliance confidence with Libryo.