Discussing the benefits of compliance and risk management involves introducing concepts about what a compliance program is and what risks companies run when they do not adopt this type of program, given the different types of fraud, including corruption, money laundering, manipulation with internal information and/or when employees commit actions that can damage the image of an organization, can even cause financial loss. In the following paragraphs, you will understand why regulatory compliance management software is so important and how far Nimonik Inc. is reliable.
The transparency it offers
The adoption of a compliance and risk management program ensures the transparency of organizations, demonstrating the existence of ethical conduct; in addition, it collaborates with the practices of good corporate governance, which is “the set of processes by which companies are managed”.
In short, a compliance program such as regulatory compliance management software is a business tool whose implementation methodology is based on business ethics and integrity as its greatest value. The term compliance, born from the English verb “to comply” is defined as “to satisfy the impositions of the legal order or the internal order of the ‘business’. It should be noted that compliance applies to public or private companies, of different sizes and segments, located in all countries, and to organizations that have the desire to act ethically, morally, and in the promotion of human, social, economic, and financial.
The benefits
How do the benefits offered by the compliance and risk management program work together to reduce the risk of fraud, illicit, and corruption within organizations?
In turn, the general objective was to present the advantages offered by the adoption of the compliance and risk management program in public and private companies, in their internal processes and their relations with their sector of activity, and how they work together to mitigate fraud.
However, compliance, or more precisely regulatory compliance is not just in the air. It is real and includes many aspects. In daily practice, achieving compliance with applicable regulations is “close to impossibility”, considering that there are many regulations, laws, and standards that must be complied with, there are several updates every year, and lastly, compliance with internal obligations of organization or company.
Nimonik’s Regulatory Management Software is needed
A software-based approach is needed that can realize compliance automatically and precisely. One of them is offered by Nimonik. Nimonik offers regulatory compliance management software that is capable of managing integrated compliance obligations with a very complete regulatory database.
This software is able to concentrate on external requirements and integrate them with the internal requirements of the organization/company (users). The approach is very systematic so that each user can determine the obligations that must be complied with as well as identify compliance gaps if any. Not only that but in the end, they are able to carry out an audit on the compliance of their organization/company with external and internal requirements that must be complied with.
Nimonik is superior to similar software with database access to more than 40 countries.
This access includes no less than 600 thousand identified documents and 2 million special obligations. With Nimonik users can easily add internal documents as internal requirements that must be complied with. Every document added is stored in Nimonik’s legal compliance audit software so that a complete and accountable audit trail can later be created.
Nimonik has proven itself to be the most trustworthy EHSQ compliance software development company. Many well-known brands use Nimonik’s services, namely Adidas, Boeing, Bayer, Caterpillar, Coca-Cola, and many more. The presence of these well-known brands can explain why regulatory compliance management software made by Nimonik can be considered as one of the best today.
