The Compliance Jackpot: Technology That Just Works

By Katie Wilcox

Hello from the 2017 Compliance and Ethics Institute Conference in Las Vegas! The Onspring team is here, meeting compliance professionals from around the country and hearing their stories about their technology struggles. Many of the folks here are wrestling with so many of the same challenges:

  • Needing one place or system of record for their compliance data, including the control library, regulatory information, individual attestations and validations and cyclical testing information
  • Working with teams across departments, locations and sometimes separate countries to get everyone educated, trained and on the same page for compliance enterprise-wide
  • Getting stakeholders involved in completing their tasks timely, self-servicing for questions and proactively reporting concerns or issues

In most of our conversations, we’re hearing that there is some kind of system in place, but it’s not adequate. Ranging from Excel, Sharepoint, point solutions or older deployments of other technologies, we’ve been hearing over and over “it’s difficult to keep up,” “everyone manages their information in their own ways,” and “we really struggle to pull everything together for the reports we want.”

It’s been fun to share with these people about the power of good technology—something they can access as a team of 10 or 110. We’ve been able to address many concerns with discussions of:

Control Library: Using Onspring as a compliance repository to store Controls, including the historical version of those controls and the regulatory connections, policy connections and people connections across their enterprise.

Testing, Validation and Attestation Activities: Records with these to-do endeavors can be automatically created and perpetuated by Onspring according to the overarching schedule and pre-assigned to members of the organization. Individuals can receive emails or reports of their pending tests, attestations and validations, with due dates and escalated follow-ups as needed.

Focused Communication: An effective platform allows the compliance team to define what they communicate with each individual stakeholder. What details do they need to see? Has a control for which they are responsible been changed or has the underlying regulatory information been updated? What are the key action items for them personally? All this can be communicated in a targeted fashion down to the individual team member, which helps them regard the tool as useful and important, rather than noise to be ignored.

Bringing Compliance Together: Using a high-performing, cloud-based tool for communicating compliance information can help team members plan to consult the system first when it comes to answering questions or reviewing details. If they can answer their questions faster themselves than sending an email or focusing on contacting an individual team member, it promotes consistency, and saves the compliance team a lot of time responding to inquiries.

Of course, this is not the only win we can discuss. From reporting, to easy tailoring, to having a tool that fits organizations of all sizes and as they grow, we are able to share a lot of good news with the compliance professionals at this conference. It can and should be better for them with a tool that works for them. And for me, that’s the best jackpot of my time here.

Featured Resource

Client Profile: SOX Compliance That Simply Works

Learn how TDS has transformed its approach to control testing, issue management and real-time reporting in Onspring.

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