Top 5 Problems Companies Face with Compliance and How Software Helps

Compliance means following rules, laws, and regulations set by governments and industry standards. For businesses, staying compliant is critical. If companies fail to follow these rules, they can face fines, legal trouble, or damage to their reputation. However, keeping up with all the compliance requirements can be difficult, especially when they frequently change.

To solve this, many businesses are now using Compliance Software. This technology helps companies manage rules and regulations more easily. In this blog post, we will look at the top five compliance problems companies face and explain how software, like GetShifts, can help solve these issues.

1. Keeping Up with Changing Regulations

The Problem:

Regulations change often, and businesses need to stay updated on these changes to remain compliant. This can be especially difficult for companies that operate in different countries or industries, as each region or sector has its own set of rules. Missing a regulation update can lead to non compliance, which might result in fines or legal penalties.

How Software Helps:

Compliance software automatically tracks regulation changes and alerts companies when new rules come into effect. For example, GetShifts can notify businesses of any updates that affect their industry. The software keeps companies informed and ensures they are always following the latest regulations.

Key Benefits:

• Automatic Updates: The software sends real time notifications whenever regulations change.
• Custom Alerts: Businesses can set up alerts for specific laws that apply to their industry or location.
• Audit Logs: The software keeps records of compliance efforts, making it easier to show proof during inspections.

For example, a healthcare company can use compliance software to stay informed about changes in health and safety laws, ensuring that they continue to meet legal requirements and avoid penalties.

2. Managing Employee Compliance and Training

The Problem:

Employees need to be trained on the latest company policies, safety protocols, and regulations. However, it can be challenging to keep track of which employees have completed their training or renewed their certifications. For large companies, this process can be very time consuming and error if done manually.

How Software Helps:

Compliance software helps track employee training and certifications. It can also automate the scheduling of required training sessions and remind employees when their certifications need to be renewed. Platforms like GetShifts ensure that all employees are properly trained and up to date with company policies.

Key Benefits:

• Automatic Reminders: The software sends reminders when employees need to complete training or renew certifications.
• Training Records: Managers can easily track who has completed training and who hasn’t.
• Reports: The software generates reports showing the compliance status of employees, helping identify gaps that need attention.

For example, a construction company can use GetShifts to ensure all employees are up to date with safety training. The system can notify them when certifications expire, helping the company stay compliant with safety regulations.

3. Data Security and Privacy Compliance

The Problem:

With increasing regulations around data privacy, such as the GDPR (General Data Protection Regulation) in Europe, companies must ensure they handle customer data securely. Any data breach or mishandling of information can result in severe penalties and loss of customer trust.

How Software Helps:

Compliance software ensures that data is stored and managed according to privacy regulations. For example, GetShifts provides secure data storage, encryption, and tools that help businesses follow data protection rules, reducing the risk of data breaches.

Key Benefits:

• Secure Data Handling: The software ensures that sensitive customer data is stored securely and encrypted.
• Compliance with Privacy Laws: Features like data analysis and consent management help companies stay compliant with data protection laws.
• Audit Reports: The software generates reports to show compliance with privacy regulations, useful during audits.

For example, an online retailer can use GetShifts to manage customer data securely and ensure they are complying with data protection laws like GDPR. The system can also provide customers with an easy way to request the deletion of their personal data.

4. Dealing with Complex Regulatory Reporting

The Problem:

Some businesses are required to regularly submit reports to government agencies or regulators to prove they are following the rules. These reports can be complicated and involve collecting large amounts of data from various departments. If done manually, this process can take a lot of time and is prone to errors.

How Software Helps:

Compliance software automates the reporting process, collecting data from across the company and organizing it into reports that meet regulatory requirements. With tools like GetShifts, businesses can easily generate these reports, ensuring they are accurate and submitted on time.

Key Benefits:

• Automated Data Collection: The software pulls data from different parts of the business, reducing the need for manual input.
• Pre-Built Templates: Pre designed templates for different types of regulatory reports make the process easier.
• Error Reduction: Automation helps reduce mistakes in reports, ensuring they are accurate and complete.

For example, a financial services company can use GetShifts to generate reports for regulators, ensuring that the data is correct and submitted on time. This helps the company avoid penalties and stay compliant with financial reporting laws.

5. Managing and Reducing Compliance Risks

The Problem:

Compliance risks are areas where companies are more likely to fail in meeting regulations, which can lead to fines or other consequences. Identifying and addressing these risks before they turn into bigger problems is often difficult, especially in large organizations.

How Software Helps:

Compliance management software helps companies identify and manage compliance risks. It monitors compliance status in real time and alerts businesses to areas that need attention. Platforms like GetShifts allow businesses to quickly spot risks and take action to fix them.

Key Benefits:

• Risk Assessments: The software analyzes the company’s operations to identify potential compliance risks.
• Incident Tracking: It keeps a record of any compliance issues, allowing businesses to learn from past incidents and prevent them from happening again.
• Real-Time Monitoring: Dashboards give an overview of the company’s compliance status, helping managers stay informed and take action when necessary.

For example, a large multinational corporation can use compliance software to monitor its operations in different countries, making sure it stays compliant with local laws and regulations.

Conclusion

Managing compliance is an ongoing challenge for companies of all sizes. Whether it’s keeping up with changing regulations, ensuring employees are trained, or handling sensitive data securely, businesses face many risks when it comes to compliance. However, using compliance software like GetShifts can make these challenges easier to handle.

With features like real time updates, automated reporting, and risk management tools, compliance software helps companies stay on top of their obligations. By automating processes and providing insights into compliance status, businesses can reduce the risk of fines, legal issues, and damage to their reputation.

In today’s regulatory environment, investing in compliance software is essential for any company that wants to ensure it meets all its regulatory responsibilities. Get Shifts is one such platform that can help your business streamline compliance processes and avoid the headaches that come with managing compliance manually.