A Roadmap for Successful Compliance – And Competitive Advantage
Regulatory compliance has transformed from a “nice to have” into a “must have.” For example, the Food and Drug Administration (FDA) recall process now requires manufacturers to provide remote access to records and documentation for investigation and audit purposes. Noncompliance could mean disaster for a business – from lost revenue to facility closure.
Compliance revolves around the documentation of critical business processes and procedures. And today, as the FDA recall process illustrates, you need the ability to provide documentation in a timely fashion to outside constituencies like regulatory agencies and auditors. That’s the “must have.”
To provide a roadmap, the International Organization for Standardization (ISO) recently released two new standards: ISO 30300:2011 and ISO30301:2011. In response to recent irregularities in financial management, ethical dealings, disclosure and transparency, the standards help organizations disclose corporate information by offering a methodology for a systematic approach to the creation and management of records.
Meeting these standards ensures you won’t fail in corporate governance and become front-page news.
It shouldn’t come as a surprise, but the companies that struggle with regulations usually apply their own interpretations and simply adapt their current business processes to those interpretations. If standard requirements are being met, this can work, but the lack of consistency makes audits painful. And in the era of increasing regulations, it means they’ll constantly tweak those processes – sacrificing time, effort and money.
Even if it’s your inbox or a file share, you already use technologies to create and manage records. But can those systems communicate with each other? How easy is it to find and share information?
This is where enterprise content management (ECM) helps, as it provides the systematic approach to creation and management of records that ISO calls for. The right ECM solution – sometimes called document management – ties technologies together so they communicate and share information. That makes it easy to manage records and information across the entire enterprise, so people can quickly find the information they’re looking for – whether its employees who are doing their jobs or auditors who are accessing the documents they need without any help.
While your organization isn’t required by law to comply with ISO’s new standards, you should. Regulatory compliance helps your organization operate in a transparent and socially responsible manner. And can be used as a competitive advantage.
So why wait? Start complying now.