Business Process Automation for Regulatory Compliance

Business Process Automation for Regulatory Compliance
  • 9
    May

Business Process Automation for Regulatory Compliance

Technology continues to advance, and regulations are hurrying to catch up. In fact, industry leaders predict that the next five years will hold continuing increases in regulation due to technological progress. To date, document management has played a large role in maintaining regulatory compliance. Moving forward, business process automation and document control tools will be more important than ever. Curious to know how business process automation enables compliance within your company? It’s more than being audit-ready. Here are three pathways to better compliance through automation.

Electronic Review Process vs. Spreadsheets

Many companies still rely on spreadsheets with multiple users to track compliance reviews. Despite the best efforts of excellent employees, it is nearly impossible to accurately maintain these complicated records. In fact, errors are the norm. In contrast, business process automation includes an electronic review process. This means that an automated workflow utilizes digital stamps with the date and reviewer’s name once a review takes place. This ensures accurate records and relieves the pressure on your employees to track dozens of projects at once.

Restricted Access to Confidential Files

Paper files or unsecured digital files are huge regulatory violations waiting to happen. No matter how well you intend to care for your essential data, there are always circumstances outside of your control. Business process automation places every confidential file in lock-down, available only to those users who are authorized to access it. This is the difference between forgetting a briefcase with a stack of confidential files in it and misplacing a bag that contains a fully encrypted and password-protected device with the same information. The first situation is a regulatory nightmare. In contrast, the second is a headache but does not, in most cases, jeopardize confidential data.

Version Control

Almost all regulations require audit trails and careful version control on all industry documents. This is to ensure that all versions of a document are reviewed and approved appropriately. Manual systems, including email or online document sharing, leave much to be desired since it is nearly impossible to track markups and approvals throughout all the changes. Business process automation revolutionizes the document life cycle by sending regular notifications when a document requires review. At the same time, your document management system only allows one user to make changes at a time and keeps a thorough, accessible record of every change with username and time stamp included.

Without the best tools, regulatory compliance brings large administrative costs as well as great stress on your entire team. Employing business process automation gives you peace of mind by ensuring that your workflow follows regulation without constant supervision. At the same time, you save money and gain efficiency in all areas of your work. Interested to learn more? Contact MaxxVault today for more information.