Risk and Compliance

Risk and Compliance (R&C) is the process of identifying, assessing, and monitoring the risks to your enterprise’s compliance with regulations and industry standards. In other words: risk compliance is an organization's potential exposure to legal penalties, financial forfeiture, and material loss, resulting from its failure to act in accordance with industry laws and regulations, internal policies, or prescribed best practices. Compliance risk management is a continuous process that involves tracking changes in the regulatory environment to ensure an organization's compliance is up to date.

For an organization to survive in today's competitive market, risk and compliance should be a top priority and fundamental part of the business. Good risk and compliance management will help the organization understand the full range of its risk exposure. It helps organizations prioritize risks, map them to the applicable risk owners, and effectively allocate resources to risk mitigation.

Why R&C management software is essential for business growth

To drive business growth and performance, risk and compliance management and software should be stable, optimized, transparent, cost-saving, and consistent. Here are 5 reasons why:

Stability

Implementing risk and compliance technology can help you provide resolution to immediate and long-term potential risk exposure while creating time and resources for an agile and scalable working environment. With risk and compliance technology, analyzing risk and compliance will take less effort. This means that organizations can focus on other important aspects that require attention and expertise.

Optimization

With efficient risk and compliance management, organizations can identify non-value-adding activities and replaces them with value-adding activities. This, in the end, will result in increased productivity of the organization as a whole. With the help of compliance risk technology, companies can reduce undesirable variations by replacing traditional preventative controls with modern detective controls, which increase efficiency and traceability.

Transparency

Risk and compliance analysis tools help organizations to view a complete picture of the organization and its processes. By providing access and control over important content, organizations can understand their industries' potential risks and challenges.

Cost-saving

Strong risk and compliance management also save costs. With risk and compliance technology, organizations can identify risks and challenges beforehand. This will save organizations a lot of money and time that they might have lost in order to recover or face that risk. Besides that, it also reduces the costs that are spent on maintaining duplicated controls, tests, issues, actions, and reporting across multiple departments.

Consistency

A proper plan and clear communication are key when an organization wants Improved alignment of objectives with the organization's mission, vision, and values. Risk and compliance management further results in better decision-making agility and confidence within the organization.

Organizations can make their risk and compliance departments more efficient by using no-code low-code platforms. On the one hand by optimizing internal processes, on the other by demonstrating to supervisors that everything is under control. 

But what risk and compliance applications can you build with no-code low-code? We give you 5 popular examples from the legal industry.

1. Risk Assessment Solution

With a Risk Assessment Solution, you can provide risk managers, security teams, and other stakeholders in the risk assessment process with applications and automated workflows allowing you to audit and oversee which risk assessments are outstanding, in progress, or completed. 

2. ESG Assessment Tool

Through a digitized ESG assessment tool, your clients are provided with a fully bespoke and secure self-serve solution. The application eliminates any time-heavy, costly, and error-prone manual work whilst removing any complications or difficulties in assessing ESG compliance. 

3. Pre-Assessment Audit Tool

By providing your clients with a digitized Pre-Assessment Audit Tool, you optimize, streamline, and secure the audit preparation process. Through an application, you compile and digitize your firm’s information, expertise, and advice regarding audits, thus empowering organizations in their independent audit preparation. 

4. DAC6 Assessment Tool

Through a DAC6 tool, legal professionals at your firm or department are provided with an app that accesses extensive tax knowledge, automates assessments of cross-border arrangements, and digitizes reporting for tax authorities - ensuring compliance. This removes the need for any time-heavy, costly, and error-prone manual work. The tool directs users through an interactive questionnaire, using this to assess compliance and reporting requirements regarding cross-border tax arrangements. 

5. GDPR Assessment Application

Through a GDPR assessment application, law firms and legal teams establish a digitized, standardized, self-service process that saves time and resources and elevates their customer offer. The application collates key information regarding the laws, educating clients. Users are then guided through a dynamic questionnaire, composed of questions regarding GDPR sections. 

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