In the industrial world, changing regulations can create confusion, and if they are ignored, it can get worse, leading to violations which in many cases lead to returns (real financial loss), delays in production processes, and even lawsuits. Regulatory compliance is difficult to achieve if it involves hundreds or even thousands of regulations, ranging from those that are broad in scope to those that are very detailed in scope.
An automated approach is needed to realize comprehensive regulatory compliance, in this case, Regulatory Compliance Management Software. If we type in the keyword “regulatory compliance”, we will be directed to many providers but we have tried to compare among the popular providers and have come to the conclusion that Nimonik Inc. is the most reliable one.
What is Regulatory Compliance Management Software?
As the name implies and the definition above, it definitely means software that ensures compliance with certain regulations, in this case, the regulations that apply in the industrial world. The word “management” means that the software has something to do with certain management processes so it can be concluded that Regulatory Compliance Management Software is managerial software that aims to make its users comply with certain regulations properly.
The software is not exclusively aimed at industries but is also recommended for non-industrial organizations, especially those working in the financial area. This software is the answer to the lack of effective collaboration between the internal legal team and external law providers in providing regulatory compliance solutions which will be assessed and decided by stakeholders. There are many disagreements that lead to continuous debate and slow anticipation. Not to mention if negligence in monitoring (regulation) is involved. This software can monitor every registered rule automatically and provides an opportunity for its users to respond quickly.
Demand is likely to increase
Along with the frequent complexity of needs in the world of global organizations and industries, new regulations are constantly being made and every year there are bound to be regulatory changes in a broad jurisdiction (province or country). It is not possible for every policymaker to monitor new regulations one by one. It is a “robotic activity” that is difficult for humans to do on a regular basis. Today more and more banks are implementing regulatory compliance software integration in their systems to get around legal changes which, if violated, could land them in serious trouble.
Nimonik’s Regulatory Compliance Management Software is the best option
We already mentioned that there are many Regulatory Compliance Management Software providers and that Nimonik is the best provider. Of course, we do not conclude without reason.
Regulatory Compliance Management Software made by Nimonik is able to integrate laws, regulations, and standards provided by external providers with the internal requirements of your organization or company. Usually, the source of internal requirements is various documents, contracts, and permits that have been agreed upon between the two parties (your organization/company and a third party).
Super large database access
Just imagine! Nimonik’s Regulatory Compliance Management Software has database access to more than 40 countries and half a million identified documents. That’s excluding 2 million special obligations. Thus it is difficult to imagine your company breaking a rule without you knowing it. All are recorded and every violation will be reported to the policyholder, in this case, you.
Easy document input
Any regulatory compliance software must be able to integrate internal and external obligations. In terms of internal obligations, it means that you add them, for example, operational permits in a certain environment, short-term contracts, and so on. Nimonik allows you to add related documents very easily.
There is a risk matrix
This is a feature to streamline the organization/enterprise response to all binding matters. So there are priorities so don’t let your organization/company ignore the most important laws or regulations by focusing too much on the “less important” ones.
Regulatory compliance is inevitable from the implementation of modern organization/company operations and with Nimonik’s Regulatory Compliance Management Software it will be fulfilled easily.