Digitization of processes for better Compliance performance

What is Compliance?

Compliance is a set of behaviors to comply with the laws, but which also reflects the will of the company to seek and reach a degree of "conformity" which, in its opinion, is decent. Compliance must be understood as a global approach that goes beyond compliance with the regulations in force; this constitutes a support for the company regarding its relations with third parties: partners, suppliers, subcontractors, competitors, and of course internally with its employees but, it must also be understood in relation to the internal standards of a group or its clients, especially when these have a significant international influence.

Some application areas of Compliance:

• Prevention of conflicts of interest
• Prevention of insider trading
• Fight against fraud, embezzlement
• Fight against corruption
• Fight against money laundering and financing of terrorism
• Protection of personal data

Digital and competitiveness

In a booming digital era, organizations must organize and adapt in order to remain competitive. Compliance contributes to preserving a good image of the company, it is a factor of trust towards customers and suppliers. It demonstrates good management of the organization and limits the risks to which the company may be exposed. It is a performance factor that allows the company to distinguish itself from competitors.?

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Digitization of processes

Digital has become an unavoidable element; technology is becoming inescapable for the proper functioning of organizations and, since the tools are flexible, they can and must be adapted according to the needs, objectives, and requirements.

The digitalization of Compliance processes is a significant advantage. It allows to:

• Dematerialize
• Centralize data
• Simplify and automate
• Facilitate access to the information
• Better process and analyze a large volume of data
• Store and secure data
• Reduce human error
• Save time in the execution of tasks
• Enhance collaboration and communication
• Help in the decision-making
• Trace the compliance processes implemented by the company

A strategic function

The implementation of Compliance programs inevitably generates costs for companies, it is a real investment. However, Compliance is a matter of anticipation: by setting up a program and developing a Compliance culture within its structure, the company promotes its performance.

In business and operational terms, Compliance is a tool for the company's internal and external development: it brings employees together around common values and ensures cohesion between them. A relationship within the company between each actor is the key of success and impacts positively on the long term through a good collaboration and good conduct of employees.?

Moreover, digital technology combined with employees' training enables the increase of their productivity: the automation of tasks contributes to save time and to improve processes.

The employees properly trained to use the tools adopted by the company will develop their technical skills and will thereby be more efficient in carrying out their missions.

Also, a fluid and transparent communication, a support and training made available for employees lead naturally to an improvement of the performance.

Finally, the teams must be aware of the risks and know how to evaluate them, but also master the Compliance tools to protect the company, such as alert systems, codes of conduct, risk mapping, third-party evaluation processes ... in order to reinforce vigilance and thereby avert and fight the risks.

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https://www.cercle-montesquieu.fr/global/gene/link.php?doc_id=2165&fg=1?

https://www.altares.com/fr/2020/11/16/matinee-compliance-impact-de-la-covid-19-et-de-la-digitalisation-sur-le-processus-de-compliance-synthese/

https://www.vneuron.com/2018/07/10/conformite-reglementaire-coeur-de-digitalisation/