Introduction
Many regulated industries have become nothing shy of minefields.
In the past few decades, compliance regulations have increased at a staggering rate. Today, the average business spends an enormous amount of time on regulatory compliance, leading to a monumental drain on productivity and profitability.
But Nabu Pro offers a solution to monitor all the compliance requirements of your firm in one, easily accessible place, reducing regulatory compliance time by up to 30% and providing your team with peace of mind.
This article explains how you can reduce your time spent on regulatory compliance by 30%. But, first, what is Nabu Pro?
What is Nabu Pro?
Nabu Pro is an innovative regulatory software system that automates aspects of regulatory compliance. It enables businesses to discover missing information quickly and easily and complete regulatory disclosures accurately and on time. It also provides insights into regulatory reporting requirements.
With Nabu Pro, regulatory compliance management is easier as it makes the latest information required for regulatory compliance available at their fingertips. CEOs and managers spend less time gathering data from disparate sources across their organizations, and more time for analysis of regulations impacting their businesses.
Save Time on Regulatory Compliance with Nabu Pro
The following steps can help you achieve regulatory compliance, while saving time, for your business:
Understand the basics of regulatory compliance
Nabu Pro makes it easy to understand the basics of regulatory compliance because we’ve broken down compliance issues into three easy categories:
Training
As per compliance laws, employees need to be trained for occupational safety and comply with other laws and regulations. These training materials can be in video or text format, and often include tests or quizzes. Government regulations typically require recurrent training and testing for employees.
Communication
Government regulations change over time and need to be communicated across the entire organization. Such communication often happens in the form of memos or other written documents. Moreover, incidents, such as a data breach or an important event, must be communicated promptly to relevant parties.
Documents
To maintain regulatory compliance, keep track of various documents, including personal data and reports. These documents must be safely stored in one, easy-to-access location.
Develop a plan to reduce your company’s regulatory burden
Once you understand the basics of regulatory compliance, you need a plan to eliminate burdensome tasks.
The key to achieving regulatory compliance in less time is to prioritize regulatory tasks — identify those activities that provide the greatest value for each business unit across all of its regulatory mandates.
In addition, businesses need a plan to know which actions will be taken first and how to achieve their goals efficiently.
Not only does Nabu Pro provide the software to prioritize your tasks, but it also provides a team of experts ready to help you sort through regulatory compliance requirements and headaches. Companies ensure regulatory compliance by:
Automating alerts and notifications regarding compliance tasks
Nabu Pro offers features to notify team members via email when they are required to perform a compliance task. This helps make sure every member of the organization stays up-to-date and compliant.
Assigning monitoring to key players in the organization
While Nabu Pro automates most compliance tasks, someone needs to keep an eye on the dashboard to ensure compliance ahead of compliance audits. By assigning monitoring to a key member, you reduce the burden for everyone else on the team.
Planning ahead of each compliance audit
There is nothing more critical than planning for each compliance audit months in advance. Compliance management is all about anticipating and keeping track of regulations relevant to the business and industry.
Identify and prioritize the most critical areas for improvement
Once you’ve signed up with Nabu Pro and our expert team has onboarded your team, your first task is to assess where you are at risk in your business operations. Nabu Pro’s dashboard makes it easy to see where your company falls short and how to prepare for your next compliance audit.
The regulatory agency responsible for auditing your business not only wants to see that you are compliant, but also that you take compliance seriously.
The best way to show good faith with corporate compliance is to address every issue in order of importance. This way, you can easily avoid any compliance violation.
Implement changes that will lead to the desired results
Sometimes, non-compliance is due to employees failing to follow training or sign a document. Sometimes, it is due to inefficiencies in the compliance program. Whatever the cause, regulatory compliance starts with accountability and monitoring. Make sure clear action items are created and the parties involved follow through with these action items.
Respect for compliance regulations happens by blending regulatory compliance with your business processes. Companies that remain compliant don’t treat business and compliance separately. If you make compliance KPIs as important as business KPIs, your company will be better for it—especially if you’re in a heavily regulated industry.
Monitor progress and adjust as necessary
Once you have the regulatory compliance planning and the action items, make sure progress is tracked properly and consistently. This is why businesses are so keen on a digital transformation for their compliance process. Digital technologies allow for easier monitoring when it comes to regulatory compliance requirements.
Your compliance program must start with the laws and regulations involved, but it also must be flexible. Applicable laws change from one day to another, and you need to adjust your compliance process. That’s why Nabu Pro offers a regulatory assistance service for even the most heavily regulated businesses.
Celebrate success!
Compliance is not an easy process. Once you get through regulatory compliance audits or regulatory tasks with Nabu Pro, it’s important that your team celebrates their success.
Each regulatory violation is a missed opportunity for growth and improvement in your business operations — and some violations can result in injuries, fines, penalties, and even jail time. Celebrate the right way by taking full advantage of all regulatory requirements you’ve completed ahead of schedule!
Why Choose Nabu Pro to Support You on Your Regulatory Compliance Process?
Nabu Pro is a regulatory compliance software that takes care of regulatory tasks such as regulatory reports, regulatory alerts, and regulatory monitoring. Nabu Pro will make your life easier, save you time and money, and become your competitive advantage in your industry.
In addition to our software solution, we also offer consulting services to make sure you’re never left to your own devices. Gone are the days when you need to figure out your regulatory compliance process on your own.
