Regulations are always changing and the regulatory environment is also dynamic. This is the reason why compliance with regulations and other obligations (internal and external) is considered very important. There are several entities that apply high levels of compliance standards, especially companies operating in the financial sector.
While in-house legal teams and external legal consulting providers are a great help to companies “weathering the regulatory storm,” they are unfortunately not enough without “automation.” Software-based automation is a necessity for any organization/company to ensure compliance with applicable regulations, standards, and laws.
There are many types of regulatory compliance software that are sold freely on the market, but unfortunately, most of them are not truly complete in terms of the database they have. This also does not take into account whether the system they are developing can truly integrate external obligations with the company’s internal obligations which usually include signed contracts and obligations towards employees.
In essence, monitoring all obligations manually is very difficult and close to impossible because every year there are almost certainly changes and in some cases, hundreds of changes can occur.
Regulatory software solutions are very important
Regulatory software solutions have become very important in today’s context when there are hundreds to thousands of obligations that must be complied with and changes are constant almost every year. There are many regulatory software solutions to choose from and based on our experience, Nimonik is one of the best solution providers. Nimonik is a leading compliance software developer in Canada and North America and its global coverage is supported by dozens of experienced IT and compliance experts. There are many companies that entrust compliance with their obligations to Nimonik and some of them are big names such as Coca-Cola, Adidas, Bayer, and Caterpillar.
Why is Nimonik regulatory software recommended?
There is always a reason for everything, especially for specific things like why Nimonik regulatory software is recommended. Nimonik regulatory software is known to have a super complete database, covering all external obligations that apply in many countries. So it’s not just one, two, or a few countries. That is one of the reasons why Nimonik software is very popular with many organizations/companies. Nimonik is also very adaptive to change in the sense that the company always updates its database so that even the slightest regulatory changes will be recorded and integrated into the system.
In general, Nimonik regulatory software offers a database covering more than 400 jurisdictions, each of which is integrated with the system. With this software, each person responsible for compliance can:
– Manage external obligations “squeezed from a multitude of regulations, standards, and laws.”
– Extract internal obligations from various company documents. Usually, it includes all kinds of permits, procedures, and contracts.
– Track any changes that may have occurred regarding regulations, standards, and laws.
– Recommend appropriate actions to comply with any binding obligations.
– Plan actions to comply with obligations on a recurring basis that can be set automatically.
– Carry out an audit process for every compliance action that has been carried out with the aim of carrying out a comprehensive evaluation.
Today, demand for regulatory compliance solutions continues to increase along with the increasingly complex regulations and standards that bind every organization or company. Violation of any of them can have a detrimental impact on a company’s performance and in some cases can lead to lawsuits and massive financial losses. By equipping themselves with the right regulatory compliance solutions, modern organizations, and companies can minimize the risks that may occur due to failure to comply with obligations.