5 Must-Have Compliance Tools for Legal Teams
Companies of all shapes and sizes need strong compliance management to operate efficiently. Whether it be industry-related, government-related, or simply internal procedures, different rules apply to different organizations. However, one simple fact remains for them all — compliance management can be super overwhelming without the right tools in place. From security controls to internal auditing, there are many compliance activities that can be automated by implementing the right technology. Read on to learn more about the 5 must-have compliance tools for legal teams.
1. Compliance training
The first step in being compliant is making sure your employees know how to be. Compliance training is an essential part of running a healthy business. From industry laws to company policies, there are tons of standards for employees to familiarize themselves with. Not only do these regulations have a big impact on employees’ day-to-day responsibilities, but also the well-being of the company at large. Not to mention, compliance training is an area that constantly changes as new legal, ethical, and operational procedures evolve over time. If your company falls behind on compliance laws, you can incur fines, drops in revenue, and reputational damage.
Having a proper training tool in place can prevent these losses and help you spot a potential violation before it occurs. To get the most out of your investment, you’ll want to look for a compliance training tool that offers a wide variety of training content. From explainer videos for complex laws to real-life scenarios on ethical behavior, engaging compliance content is a must for busy employees. Implementing a compliance training tool will not only minimize risk, but also ensure your workplace operates at optimal efficiency from the get go.
2. Regulatory intelligence
Regulatory intelligence is the process of gathering regulatory information, analyzing it, and turning it into insights that help guide future procedures and strategies. Regulatory information can be anything from oral, written, published or unpublished data that when analyzed, can inform legal teams of potential opportunities and risks. For example, if a tech company is looking to launch a new product that involves storing or using people’s information, their legal team can use regulatory intelligence to identify GDPR laws that are on the rise to help guide compliant decision-making.
With countless policies and procedures to remember, having a regulatory intelligence tool that can do it all is a huge leg up. Your regulatory intelligence tool should automatically save the files, documents, and notes that matter to you. Better yet, if your tool has a way to index and bookmark information, finding it later on will be way easier. When it comes to remaining compliant throughout every big move a company makes, having a regulatory intelligence tool in your back pocket is a must.
3. Audit management
There are few times more stressful for an organization than their annual audit. With enterprise data spread across more places than one can count, compiling the right information is harder than ever. However, having access to specific information at the drop of a pin can change all of this. Especially for companies that are regulated by the FDA or are following security standards such as ISO 9000 or 14000, having information at your fingertips is critical. If you’re still using a spreadsheet-based system, it’s time to kick it to the curb and bring in an audit management solution to ensure lasting compliance.
When looking for an audit management tool, you should search for a tool that supports multiple types of audits, such as internal audits, operational audits, supplier audits, IT audits, and quality audits. Your audit management tool should also be able to help carry you through the entirety of the audit lifecycle. From audit scheduling and developing plans, to data collection and beyond, the software you choose should have a full range of capabilities to make compliance for audits easy.
4. Policy management
Policies and procedures are often created faster than they can be properly implemented. When this happens, organizations run the risk of non-compliance resulting in liabilities, loss of valuable information, and policies that get lost in the mix and thus, are never truly understood by employees. With strong policy management, you can avoid these consequences. By implementing a good policy management software, you can streamline the distribution of the right information throughout an enterprise, and protect your organization and its employees.
Based on the capabilities you need, the policy management tool you choose can vary. However, one thing is for certain — the tool you choose should have advanced search features. Advanced search will make it easy for employees to find what they need. Check to see if the tool provides options for keywords, tags, and metadata search. Additionally, you should look for a tool that allows you to create policies directly in the tool via templates, or upload your personal documents to the platform. Another must-have feature should be an audit log, or a record of all changes made so you can be confident the policies that exist are the most recent versions. Policy management software is a compliance tool you cannot go without.
5. Keyword monitor
Another compliance tool you’ll want to make sure you have is a keyword monitor. A keyword monitor is a system that will flag suspicious words used across your organization’s communication channels. This is a surefire way to catch non-compliant behavior early on and call it out for review. This simple action can save your organization from a hefty liability, data breach, or lawsuit. Bottom line, implementing a keyword monitor as a compliance tool can save you a lot of trouble down the road.
When it comes to choosing the right keyword monitor, you’ll want to make sure it’s compatible with as many channels of communication as possible. From Gmail and Slack, to Outlook and Salesforce, the applications that can harbour suspicious activity are endless, so you’ll want a tool that can monitor them all. Another feature you’ll want out of this compliance tool is smart alerts, or notifications the moment something gets flagged. Smart alerts will allow your team to take immediate action and prevent non-compliance from advancing.
How Onna Can Help
In the age of countless workplace applications, the Onna platform is the central access point to them all. Our powerful API-based technology allows organizations to preserve, collect and process their enterprise data in its truest form, making it the most defensible tool for compliance. Backed by some of the highest security certifications, Onna is a secure and private repository for your most critical information. Its advanced granular search allows you to search across all of your applications at once, and find exactly what you need in seconds. You can always count on Onna to keep you in the know, making it the ultimate in-house compliance tool.