Legal compliance software is a program designed to manage the set of all ethical actions and practices implemented in an organization to detect and tackle legal risks. The ultimate goal is to control proper compliance with applicable laws and regulations in the business environment to avoid sanctions and non-conformities.
Also known as Compliance Management Software, this solution is designed to automate compliance management tasks, generally in accordance with the current ISO 37301 standard. This way, the technician working with the company’s legal compliance software can perform management tasks easily, with an appropriate tool to evaluate performance and have a complete view of the management system and company status.
Regulatory Compliance “Compliance ISO 37301”. What Does it Consist of?
ISO 37301 is the new international standard for organizational regulatory compliance. This standard aims to provide companies with the necessary guidelines for establishing, implementing, evaluating, monitoring, and maintaining a Compliance Management System that guarantees its effectiveness, based on the requirements demanded by it, such as, for example, principles of good governance and transparency. This standard incorporates requirements in management systems such as:
- Identify the obligations affecting companies and assess the risks of non-compliance.
- Encourage staff training, promoting the Compliance culture in its broadest sense.
- Foster management commitment through appropriate control systems.
- Increase customer and Administration confidence, thanks to the integration of legal compliance software and the organization’s commitment to identifying potential non-compliances.
Advantages of Implementing Legal Compliance Software
Integrating software for legal compliance in the company has advantages, as it is a very useful investment for different reasons:
- Firstly, the software helps to have greater control of the activity in company areas and to detect those departments with a higher risk of non-compliance. This way, it prevents the commission of possible crimes and infractions and reduces the organization’s criminal liability.
- It allows locating the focus of non-compliance, helping to control what happens and ensure an adequate state of compliance.
- Furthermore, it not only identifies these faults, but also prevents possible fraud and liabilities of the company.
- It provides traceability between detected risks and control measures implemented in the company as a response.
- Thanks to legal compliance programs, it is possible to monitor the entire system and better understand the actions undertaken in the company.
- The software allows integrating different legal compliance standards within the same program, so this information is available to professionals who need it in one place.
- It is a long-term solution that helps reduce economic costs and save time by avoiding mechanical and tedious tasks for the personnel in charge.
- It avoids information duplication by centralizing everything for time savings in management.
- Legal compliance software is also a differentiating factor for companies that integrate it, as it is of great interest to potential clients within the sector, as well as to the Administration, generating greater trust and reducing the commission of possible crimes.
Preliminary Considerations before Installing Legal Compliance Software
Organizations that wish to have legal compliance software must be committed to anti-corruption policies and Compliance culture. In other words, company directors and leaders must be sensitized to legal compliance and transmit this to the rest of the workers.
The information provided to the legal compliance software must be clear, complete, concise, and accessible to all employees. This data must be updated and the procedures must detail the responsibilities, internal controls, audits, and sanctions for possible infractions.
Additionally, it is important to assign supervision and legal compliance functions to the responsible persons in the company or to third parties if the service is outsourced.
How to Know if the Compliance Management Software is Effective?
For legal compliance software to be effective, it is necessary to provide it with as much information as possible about the company and all its areas. All this data will be processed by the Compliance Management Software to manage and make it available at any time. The software’s effectiveness is also measured by other characteristics, such as exhaustive results reporting and the possibility of customizing them, which help optimize the tasks of detecting infractions and subsequent decision-making.
How Can GlobalSuite® Help You?
At GlobalSuite Solutions, we offer our Compliance Management Software to optimize the management of your corporate compliance system, through monitoring and evaluating the effectiveness of your Compliance program. We work in accordance with ISO 37301 and incorporate useful tools such as a whistleblowing channel to learn about possible internal infractions in your organization.
- Evaluate your organization’s compliance, extract updated reporting, and a collaborative adaptation plan.
- Process risks, under prior analysis, with the possibility of conducting an evaluation using analysis methodology and automatic dashboards.
- Manage audits, non-conformities, and corrective actions from the same platform with configurable workflows.
Additionally, we offer specialized consulting and auditing in compliance with the ISO 37301 standard. Your organization will be accompanied by our professionals so that you can implement, audit, and train your company regardless of the professional sector to which it belongs. A Compliance solutions service with over 15 years of experience.
