7 Features to Look for When Choosing a Compliance Management Solution
When managing regulatory compliance, having the right tools at your disposal is essential. An online regulatory compliance management product can be an excellent time and cost-saving solution to augment your workflow, but choosing the right one is crucial. Below are some essential elements to consider when selecting an online regulatory compliance management product.
#1. A Comprehensive Database of Regulatory Requirements
Look for a solution that provides a comprehensive database of state and federal regulatory requirements. Choosing an all-inclusive offering will ensure you have access to the most up-to-date information to keep your institution compliant. The product should cover the jurisdictions you do business in and the licenses you hold.
#2. Content Reviewed by Experienced Attorneys
Your chosen solution should employ experienced attorneys to review and curate its content. A product with a thorough review process will ensure that the information you receive is accurate and reliable. Products powered by artificial intelligence offer some tangible benefits but often sacrifice accuracy for automation. Ideally, you should find a product that leverages AI meaningfully while incorporating a human-backed review process.
#3. Federal Coverage and Citation Links
In addition to comprehensive state law coverage, the product should also cover federal regulations. You should be able to quickly build reports and export them to multiple formats for later use. As a bonus, links to state and federal citations can come in handy when you need to access the language of the law without doing a separate internet search. Having this information accessible from a central location dramatically speeds up the workflow.
#4. Weekly Notifications of Updates
Changes to the law happen quickly and can be overwhelming when deciphering which ones apply to your business. Now more than ever, it's critical to stay informed. Choose a solution that sends notifications of state and federal changes every week at a minimum. These regular updates will prove crucial in helping you maintain your institutional risk. Finally, ensure that the notifications you receive apply to your business. There's no sense in getting generic lists of changes that create more work for you.
#5. Custom Tailored Results
Every business is different, so choosing a solution that tailors results to your specific needs is essential. A modern compliance product will consider your unique product types, licenses, and jurisdictions of operation. It should return results based on that information and not bog you down with requirements that don't matter to you.
#6. View Highlighted Changes to Requirements
So you've been notified of an upcoming change that impacts your business. How do you compare the amended sections? Ideally, you should be able to view a highlighted comparison view of the added and removed areas. Bonus points if you can compare changes across the entire lifespan of the requirement to see how it's evolved and what changes are coming down the pipeline.
#7. A Competitive Subscription Price
Look for a product solution with a competitive pricing structure for your intended budget. The cost should be fair and not make you question committing to a subscription whenever you need to expand your coverage. Additionally, it should offer flexible subscription options that allow you to pay only for what you need. Furthermore, watch for plans that nickel-and-dime you for every added user or seat. If you don't have to juggle who gets access, it's easier to focus everyone in your institution on the main goal: keeping your business compliant.
There are a lot of available options for managing regulatory compliance risk. While some offer a few of the features above, Winnow provides all of them. When it comes to regulatory compliance management, it's essential to choose the right solution that offers comprehensive coverage, reliable results, timely updates, and tailored results at a competitive price.
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Winnow combines several important features into a single, compelling compliance management product.