- Prevention of repetition:
A systematic approach is always well planned. It maps put the entire process from beginning to end. Thus, any places where there is a repetition of work will be checked over and the overlap and repetition will be removed.
- Reduction in time consumed:
Compliance is not the first priority for any employee. They have been hired to do a particular job and compliance is an added responsibility. It does not make sense to make the employee use that valuable time in doing compliance-related work. A systematic approach will ensure that the employee spends the least amount of time on compliance. It will also reduce the compliance-related work as much as possible.
- Prevention of oversights:
Many people by nature or need are list-makers. Be it grocery shopping, packing for a vacation or even meeting deadlines. The reason behind this is the list ensures that a person does not miss out or overlook any work that they were supposed to do. The list is a way for people to become more systematic. In the same way, a systematic approach to Compliance will reduce oversights. If executed properly, at no level will employees miss out steps and cause blunders that could be easily avoided.
- Prevention of legal issues:
Compliance Management, by definition, is ensuring that a company adheres to all laws, regulations, policies and orders by the government. Thus, if comprehensive and systematic compliance management is followed, there will not be many legal issues. Good Compliance Management and Legal issues and costs are inversely proportional to one and other.
- Reduction in Costs:
As mentioned above, a systematic approach will reduce time, repetition of work, and prevent legal issues and costs. Thus, a systematic approach to compliance management will reduce costs.
- Increased efficiency and accuracy:
Accuracy is doing the work perfectly and efficiency is completing the work in as less time and with as less effort and money as possible. A combination of accuracy and efficiency is the goal of any business, process or product. A systematic approach will prevent oversights, which will make compliance more accurate. It will also prevent the repetition of work and reduce effort, time and costs thus making the compliance management more efficient as well.Compliance Management is an ongoing task that will last for as long as the company is standing. Thus, any change to the compliance management will not be very useful unless it lasts. This is where Sustainability comes in. As we already explained above, simplification is the key to sustainability and a systematic approach aims for simplification. Thus, as long as a company maintains this systematic and sustainable approach, the company will automatically make constant updates to its compliance management process and the result will be a flawless, effective, efficient and smoothly functioning Compliance Management.