From its inception, information technology (IT) has been changing the way business is done. IT is changing the basis of business from labor and manual skills to knowledge management. The workplace has changed significantly over the last half-century due to information technologies, mainly due to automation of existing processes. Technology has become an inseparable part of any process undertaken in an organization. Hence, the need of the hour is to involve technology in the way we remember and execute our day to day compliances under various applicable laws.
Human brain is prone to forgot. Anything that is out of sight goes out of mind. Same happens with the compliances to be done. Until and unless the users are not reminded periodically or they themselves don’t develop such system for remembering execution of such compliances, they are bound to give them a miss. Further, even if they remember, ignorance, busy schedules, work-pressures might lead them to miss execution and reporting of such compliances.
A company in its lifetime has to ensure three types of compliances-Due date based, Ongoing and Event based. Compliance with all these type of Compliances helps a company to attain the status of being fully compliant. These compliances can be done only when the concerned officials have proper and timely knowledge about them. Further, every company has certain events happening in its operations which create an impact not only on a single department, but across the organization, involving various departments and sometimes even the sister concerns, and that generates a list of compliances to be done under various acts. Proper and complete knowledge of the impact of such inter-departmental and inter-corporate events is inevitable.
Hence, the people involved in the day to day working of the organization need to be assisted with the power of technology and automated tools to ensure that none of the above type of compliances are being given a miss. There is a need for an organization to develop and maintain a sound compliance management system that is responsive to the dynamic environment, integrates the organization and enables to achieve organizational, employee, social and regulatory objective. Solutions like LexComply, helps you to integrate Technology with Compliances and achieve an all-round compliant status.