Regulatory Assessment: Are You Vulnerable for Your Next Compliance Audit?

Introduction

It’s a scary thing to think about, but your company may be vulnerable to a regulatory audit. And it could come at any time. You need to know what the implications are if your business is found in violation of compliance standards. In this article, we’re going over some of the most common areas where companies fail audits and how you can prepare for them in advance so your business stays safe from punitive measures.

Risk Assessments in Regulatory Compliance

When assessing your risks, you need to take a holistic look at your company. First, you’ll need to identify your compliance requirements. What is required in your industry to be compliant with laws and standards? For example, in the aerospace industry, a variety of trainings and documents such as pilot licenses are necessary. Moreover, there are countless memos that need to be read by key actors in the company.

The best way to assess your risk is by keeping each regulatory requirement separate. For example, look at trainings, documents, and memos separately and assess their compliance level. This way, you can easily identify the problematic areas in your business and take the necessary action.

For example, if most of your compliance risks fall under the training category, you may need to revisit training policy within the company to make sure you stay compliant. If the problem lies in the realm of memos, you may need to revisit your communication policy. Why are key actors not reading the memos? There is always a root issue to any symptom. That’s why Nabu Pro’s audit compliance management software offers separate sections for trainings, documents, and memos.

How to Correct Compliance Deficiencies

Although your compliance risks may be due to systemic deficiencies, the reality of regulatory compliance is that it is everyone’s responsibility. This means that just one individual can turn an otherwise compliant company into a house of cards. That’s why it’s important to persistently follow up with all individuals responsible for compliance.

The best way to keep individuals accountable is to set up reminders and notifications. Nabu Pro’s audit compliance management platform provides automatic reminders and notifications to make sure every employee complies with regulatory requirements. Moreover, Nabu Pro is designed so that each regulatory requirement can have its own availability and validity window, allowing for the easy adjustment of automated tracking for each item. The platform also allows supervisors to set manual notifications when sending communication memos.

While it’s important to work on building a culture of compliance and solid systems, it’s just as essential to keep every individual accountable for their responsibilities. The entire regulatory landscape depends on those individuals who perform their duties safely every single day. That’s why regulatory alerts, reminders, and notifications are critical.

Nabu Pro’s goal is to make regulatory compliance a routine, not a problem. Too many businesses struggle with developing a solid, consistent regulatory compliance process. With Nabu Pro, businesses no longer need to spread themselves thin across various compliance solutions. Nabu Pro replaces every other solution.