Top 10 Benefits of Regulatory Compliance Software
The demand for regulatory compliance software is higher than ever and here’s why!
Ensuring regulatory compliance requires the organised completion of a series of tasks including logging risks, providing evidence, verifying controls and keeping detailed records. When it comes to the workplace health and safety risk management of a large organisation, doing this manually is nearly impossible due to the increasing operational cost of employing health and safety professionals and the high risk of human error. This is why companies, whether they do their OH&S (Occupational Health and Safety) risk assessments in-house or whether they hire health and safety consultants to help them stay compliant, are looking for the reassurance of having a compliance software tool in place.
What is regulatory compliance in Workplace Health and Safety?
Simply put, regulatory compliance is when an organisation takes the necessary actions to ensure it adheres to all industry-relevant government legislation and regulations. In the context of workplace health and safety in the UK, the main piece of legislation to comply with is The Management of Health and Safety at Work Regulations 1999. According to the requirements of this document, the employers have to make sure regular risk assessments are carried out and that any risks found during those assessments are adequately managed. They can do that by appointing ”competent people” to perform the relevant compliance activities and by providing adequate risk awareness training to all employees.
The competent people in question can either be in-house team members, such as a health and safety manager, or third-party health and safety compliance specialists. Whether the health and safety management is done internally or outsourced to an expert, the precision and scalability of all compliance activities are largely dependent on the regulatory compliance tools used.
A great compliance platform can bring together all your risk management processes and allow for an organised approach to compliance designed to help both businesses and third-party providers. The industry has seen a shift towards the use of digital tools to support the compliance process. Withgovernment contracts now requiring the use of compliance software platforms as evidence of the technical and professional ability of the inspections provider, the rise in the demand for compliance and risk management software tools is expected to see continuous growth in the future.
Regulatory compliance software: The Benefits
Regulatory compliance software offers a sustainable future for any organisation’s compliance strategy. Scalable, accurate and easier to manage, a good compliance tool can significantly improve the risk assessment and risk management process and ensure that all relevant industry standards and regulations are adhered to. Here’s how modern software can enhance the overall quality of the compliance process and ease the workload of the responsible person.
1. Reduce the risk of human error with automation
Being compliant is reliant on the accurate and timely completion of hundreds of smaller manual tasks. This opens the door for mistakes to happen. Automating the process by using software compliance solutions minimises the probability of information being lost or a process being missed. With great reporting features and collaboration functionality, a modern tool can allow you to keep track of the entire compliance process via charts, visualisation, notifications and compliance monitoring in real time.
2. Streamline the compliance process with better visibility A good compliance solution is operated via a central dashboard where you can clearly see what has been done, what is still to do and whether there are any new risks or issues to address. Plus, you will never have to worry about forgetting to do a task or being late on your risk assessment, as compliance software, such as RiskMach, offer task scheduling functionality, as well.
3. Save time It’s simple – a clear and easy-to-follow process takes less time to organise and complete, with standardised resources, such as forms, checklists, evidence attachments, reports and notifications, readily available. Also, a multi-user compliance software tool saves you time on communicating the risks to stakeholders and key users as all data is updated in real time.
4. Save money The cost of an automated compliance solution is far smaller than that of hiring and training health and safety specialists internally, especially as a business grows. Plus, mistakes can cost any organisation a fortune in fines, legal fees and even lost business. Using a software solution reduces the risk of such mistakes occurring.
From a health and safety compliance services provider’s perspective, using a software saves time allowing for more client work to be done, hence earning more money. Either way, the financial benefits of implementing a modern compliance software solution are evident.
5. Go paperless In today’s day and age, doing paperwork the old-fashioned way isn’t viable any more. With thousands of health and safety checks done yearly, keeping a record of all required documentation is hard and with each new document added, the cost of storage space goes up. Having in mind that employers are required by law to keep the relevant documentation for a minimum of ten years, the danger of something getting lost is very real.
This is why having a digital storage space, such as RiskMach’s Vault, where all your health and safety compliance documentation is securely stored for more than a decade is crucial. It gives you peace of mind knowing that if the relevant authorities request your records, you will be able to demonstrate compliance, regardless of whether you are only managing your own business or if you are responsible for the health and safety compliance of multiple clients.
6. Cloud-based solution = better visibility and collaboration A Cloud-based risk management software gives you access and visibility of all your compliance activities from anywhere in the world, at any time. What better way to collaborate with team members and to stay on top of the entire process?
7. Stronger information security Digital compliance tools store a lot of sensitive information – from a list of the company’s assets and personnel to specific issues and potential vulnerabilities. This is why it is of utmost importance to keep your compliance documentation safe. Many modern software solutions take this into account with implemented security protocols that are designed to fight off unauthorised access and data breaches. The knowledge that information security is taken care of for the entire decade (the period you are legally required to keep your compliance activity records for) will take a huge load off your shoulders.
8. Continuous maintenance and support When using a software solution to manage compliance for your organisation or your clients, you are never alone. If you are faced with complications in the risk assessment design; if you are unsure about changes to the relevant legislation or if you have queries regarding the process, you have a compliance support team to give you advice. They will also ensure that the software is working smoothly and that both the legal requirements information and your data protection are up to date with the latest industry standards.
9. Better compliance All of the above result in an overall better compliance process ensuring that the workplace is safe and that legal requirements are met. Speaking of regulations, with the help of compliance software, you can keep in the know about regulatory changes, so that you can proactively identify and improve outdated, non-compliant processes.
10. Build your reputation Being in tune with the latest technological developments and using the best modern software demonstrates that you are willing to go the extra mile to make your workplace safe. Building your reputation as an employer who is invested in the wellbeing of their employees or as a compliance solutions provider who constantly looks for ways to offer better services, is a sure way to make a mark in your industry.
Achieving compliance with RiskMach
When you are after a modern, Cloud-based compliance solution with powerful reporting, collaboration and secure storage functionalities, RiskMach is the UK’s stand-out product. With over 200,000 risk assessments successfully carried out and stored on the platform, this convenient app-based solution has become a go-to choice for thousands of companies nationwide.
Amongst RiskMach’s thousands of users, there are not only business owners and OH&S managers, but also professional health and safety compliance consultants. Yes, compliance service providers love us too and they’ve got a good reason to do so!
If you can show that you genuinely are a provider of technical compliance services to a commercial client, then you can use the RiskMach system for free. Interested? Get in touch with RiskMach’s compliance team today to find out more.