As documents are the core of any business, document security and compliance become a major responsibility for every organization. Every person in every area, whether it be accounting, sales, marketing, IT, or operations, must adhere to regulations. Before developing company-wide data security and compliance and integrating current technology, your organization must ensure it has a robust compliance program that supports the incorporation of modern technologies, policies, and procedures.
What exactly is a Compliance Program?
A compliance program is a set of internal policies and processes implemented by a corporation to ensure compliance with laws, rules, and industry standards. According to IBM, data breach expenses increased from USD 3.86 million to USD 4.24 million, representing the highest average overall cost in the report’s 17-year history.
Implementation of a Compliance Program
Document security for business refers to how your firm handles sensitive data on a daily basis. To keep data and documents secure across departments in accordance with compliance laws and regulations, a compliance team must evaluate industry rules and implement them throughout the firm.
Creating and Implementing a Compliance Program
Each company’s compliance standards vary depending on their business and the clientele they serve. Before you start implementing a compliance program in your firm, make sure that the heads of each department understand the compliance requirements and what is expected of their department and team.
In today’s digital environment, the amount of data that businesses create, edit, and store is increasing, necessitating constant documentation to assure excellent delivery.
Today, there are numerous privacy and data protection requirements that businesses must follow in order to achieve regulatory compliance in accordance with their industry standards. The Sarbanes Oxley Act (SOX) is concerned with the proper and secure management of company information. HIPAA (Health Insurance Portability and Accountability Act) safeguards electronic health records, the Gramm-Leach-Bliley Act (GLBA) protects the financial sector, and ISO 27001 is widely acknowledged as the international standard for properly managing information security.
Documenting the Compliance Program
To be compliant, you must offer evidence to an auditor that you are adhering to regulatory compliance rules and practices. This necessitates the documenting of all your compliance systems. This will also hold the heads of your departments accountable for adhering to compliance standards.
Improve the Compliance Program
Improving a company’s compliance program entails examining and modifying it on a regular basis in order to remain adaptive. Improving your compliance program functionally entails repeating the review process, documenting the modifications, and ensuring that all departments are up to date on the latest compliance standards and regulations.
Why Is Document Management Software Required for Compliance?
Documentation is required for regulatory compliance. Using document management software, you may concentrate all essential paperwork in one place and automate the time-consuming process of policy documentation. You have all of your compliance documentation safely kept and immediately available during compliance audits and inspections.
You can ensure that only the right people have access to secure documents by automating SOPs with workflow and security controls.
Reasons Why Companies Use Document Management to Control Compliance
- Central Repository for storing all required compliance documentation in one place
- Lowering risk by safeguarding the company’s documentation and information against loss and unauthorized access
- Ensuring that staff use the most up-to-date documents and processes
- Automate time-consuming and repetitive workflow operations to ensure that data reaches the appropriate person at the right time.
- Automatic Compliance Alerts
- A solid reporting system will assist you in being ready for audits and inspections.
Folderit, is the best choice for businesses looking to invest in document management software. Folderit simplifies document management by integrating version control, data security, processing, retention, document life cycle management, and more into a single platform. Folderit’s DMS is an easy-to-implement compliance solution that assists businesses in reducing risks and ensuring regulatory compliance.