Compliance As a Service
Compliance, or corporate compliance, refers to the set of procedures and best practices applied to ensure that a company and its members comply with regulatory frameworks.
This includes monitoring the legislation that affects the company in each country where it operate and other aspects related to ethics and the company’s values.
For example, business governance, data confidentiality, or financial transparency.
Why Compliance as a Service (CaaS)?
Currently, regulatory compliance is directly related to technology. Companies worldwide are in the midst of digital transformation, an evolution that leads to the use of technological tools at various operational levels of companies.
Compliance as a Service (CaaS) is a service that allows organizations to outsource and automate their regulatory compliance (fiscal, commercial, etc.). This means that the Compliance provider is responsible for managing and ensuring that the company complies with the regulations and norms applicable to its industry.
The aim is to reduce the workload for companies, minimize economic costs, and, above all, simplify compliance requirements.
Following are some of the common services CaaS provides.
-Compliance monitoring
- Testing products and services for compliance issues
- Continuous compliance risk assessment
- Providing coaching and mentoring for organizations
- Providing due diligence audits
- Automated compliance analytics and reporting
Advantages of outsourcing the CaaS service:
1)Eliminating risks of regulatory non-compliance in electronic transactions (fines, penalties, etc) that entail economic, time, and resource expenses and consequences for the company’s reputation.
2) Keeping up to date with legal and technical requirements.
3)Reduction of management costs by outsourcing a specialized service that requires continuous responsiveness to changes to comply with regulations.
4)Focusing resources on the company’s strategic objectives.
5)Rapid adaptation to new markets.
6) Specialized advice for tackling new projects.
7) Constant updating of cloud services.
