To have or not to have? Here is the question: a doubt that we can hear throughout our experience with companies and partners, but we believe that the correct question must be: What happens when your lawyers, your Compliance Officer, or any person in charge does not have Compliance Software? Compliance? What advantages are there in your company for not hiring these solutions? Below is our explanation of why you should hire these compliance solutions. Just keep reading!
Advantages of not having compliance software
As we explained what regulatory compliance software is, having or not having this tool may have some apparent “advantages” in the short term, such as cost savings, but if we analyze the relationship between the short and long term, the supposed advantages can become significant disadvantages.
Let’s go ahead and throw stones at ourselves, the main advantages of not having regulatory compliance software are:
Cost savings: Not investing in compliance software can save short-term costs in terms of software acquisition and maintenance, and staff training.
Adaptability to your company structure: By not having compliance software, companies can have more flexibility in the way they approach compliance with regulations and standards, which can be seen as an advantage.
Do not misunderstand us when we refer to adaptability, we mean flexibility, we are not talking about laxity in compliance, but rather: A company or public entity can choose to use spreadsheets, the classic and safe Excel document that ends in a folder, forgotten by everyone, or a series of paper documents to maintain compliance records, taking up space in a drawer.
This way of working can allow the company to better adapt to its specific size, structure, and processes, and can be seen as an advantage in terms of flexibility.
However, this flexibility will come with some disadvantages, such as the lack of a comprehensive and automated view of regulatory compliance, which can increase the likelihood of errors, lack of control, and a potential penalty.
Nimonik provides regulatory compliance software solutions
Nimonik is a compliance software development company that supports various regulations, standards, laws, and signed contracts and permits. By using regulatory compliance software solutions that have been carefully developed by Nimonik inc., companies can protect themselves from violating internal and external obligations. All types of obligations can be integrated into one platform.
By integrating on one platform, simplicity of compliance reporting can be achieved in a shorter time and at the same time minimize non-compliance caused by the compliance team neglecting one or more obligations.
Nimonik’s compliance software is powered by a giant database that includes six hundred thousand liability documents from more than forty countries. Not only that, there are more than two million specific liabilities covered, making it the most comprehensive compliance software solution today.
Nimonik always updates its database according to changes in various aspects of external obligations. There are thousands of items that change every year and of course, these changes are difficult to follow manually. The software-based compliance solution provided by Nimonik is a guarantee that each user will not fail to comply with any obligations because every change in regulations, standards, and laws is directly input into the database.
With Nimonik, say goodbye to your company’s inadvertent compliance neglect. You can manage all compliance actions down to the smallest details, and if that is not enough, Nimonik provides an audit system that can tell you about the extent to which your company is successful in fulfilling all its obligations. Hopefully, this post was useful for you. Thank you for reading and have a nice day.
