Compliance is all about adhering to a set of documented guidelines. These guidelines are also known as standard operating procedures (SOPs) and tell one how and what to do.
They also talk about how to go about one’s regular activities such that they are complying with the SOP. For most organizations and regulatory bodies, the documentation of such SOPs is a one-time affair.
But regular compliance is about ensuring that these SOPs are adhered to in everyday life. As an organization grows, so does the number of guidelines to be followed.
A corporate compliance officer is responsible for overlooking this entire process. Documents are the backbone of regulatory compliance.
However, using a paper checklist to ensure the appropriate treatment of a sensitive document is a Herculean task.
Not only does this archaic method take much longer, but it can be tough to ensure that the due compliance processes are being followed 100% all the time.
This makes it important for organizations to develop workflows that automate SOP adherence.
From leveraging the power of security controls to making the most of document permissions, there is a lot that you can do with smart legal tech like document management programs.
These revolutionary software tools have defined the path of SOPs and make sure that only the right employees have access to the concerned documents.
This article throws light on the top 7 ways in which organizations and compliance professionals stand to benefit from a document management program.
1. Adjusting To The Reduced Storage Space
In larger cities that house the maximum businesses, the cost of commercial property has seen an exponential increase in recent years. This makes the storage of hard copy documents an expensive affair.
When a compliance professional is well-versed in document management solutions, they can help the organization take to a software-based approach.
This eliminates the need for cabinets, storage bins, boxes, and other office-space consuming products. The physical documents (if any) can be stored in an offsite warehouse where it is less expensive.
2. Easier Data Retrieval
Compliance teams spend a good amount of time retrieving data and providing it to appropriate sources. In the legal world, where time is of the essence, they cannot spend too long in this process.
A document management program (DMP) enables them to come up with a system that can retrieve files based on a word or phrase in the document.
Integration with business applications makes it much easier to retrieve critical information and act on it promptly.
3. Better Data Security
Most organizations are struggling to protect the physical copies of sensitive data. With document management software (DMS), there is better control of access to important data.
The access to data may be controlled at the folder level. Someone with access to a directory need not necessarily view all the files within the directory. Such a thing will be difficult to replicate in the physical world.
Moreover, the DMS leaves a trail of who accessed a document, the time of access, and details of the modification. This makes it easier for compliance professionals to conduct an audit trail.
4. Better Regular Compliance
A compliance officer’s main job is to ensure that everything within the organization is in adherence to regulatory and internal compliance. The non-conformance often leads to hefty fines for the organization.
Being familiar with DMS allows such professionals to automate the recording of retention schedules and ensure that all documents are in order.
5. Improved Collaborations
A corporate compliance program familiarizes employees with different DMS tools and teaches how to simultaneously access data from multiple sources in a network.
This gives better visibility, and the company’s authorized personnel is well-placed to monitor the organizational data workflow.
These days, most DMS tools allow version control where compliance officers can retrieve older versions of a document if needed. With multiple members of a team working on the same project, this is an essential feature.
The DCM tool can be set to a clause wherein only certain team members have the privilege to access the older versions of the document.
Considering the criticality of the feature, it is understandable that professionals with DCP certification can make more constructive contributions to the organization.
6. Better Backup
With a document management program, a compliance profession is in a better position to ensure the backup of critical data.
Most DMS comes with a disaster recovery plan and have the option of digital archiving. Since the entire process is digital, they cannot be misplaced after viewing.
Also, cross-indexing ensures that there are minimal odds of being misfiled, and any action on the document can be easily traced.
Irrespective of whether you are working for a federal body or associated with a corporate, having compliance program experience will help you give your best shot at work.
7. The Intangible Benefits Of Document Management
An efficient document management system goes a long way in boosting the productivity of the employees.
In times of an earth-shattering crisis (such as a global coronavirus pandemic), it offers executives the flexibility to safely work from home without compromising on efficiency.
As technology gets more advanced and reliable by the second, it becomes an unavoidable part of any organization. Any business that won’t embrace the digital wave stands to get left behind.
Appropriate document management can be a company’s first step towards digitization and encourage it to venture further in this endeavor.
It can thus help organizations survive in the competitive business world and improve client relationships. Better relationships will, in turn, attract new clients and expand the business.
Leverage The Power Of Document Management Programs
In today’s digital world, the management of digital documents is an important aspect of any organization – be it firms in the service sector or those associated with product development.
For such streamlining, compliance professionals need to be well versed in document management programs.
On-boarding compliance professionals with deep knowledge in operating a document management program is a priority that tops the list for most organizations.
For a rewarding career in compliance, start your journey by delving into document management. That way, you can become an asset to the organization you are associated with.