As every compliance professional knows, there are over a thousand regulatory updates published daily by over 900 regulators worldwide, and the risk and cost of missing something is high. Companies are legally obligated to address this problem systematically.
Failure to do so results in fines and reputational risk. Large firms estimate that the cost to maintain compliance is CAD 12.5K per employee, per year.
Although a large part of the problem, gathering the data is only the first step. When you have it, what do you do with it?
Today, 90% of businesses use a combination of distribution lists and manual scanning to get the data they need. There is little or no automation, a lot of duplicated effort, and hard to prove that the information has got to the people who need to see it, leading to gaps in coverage and exposure to risk.
RequirementONE is the essential tool for highly regulated organisations, supercharging compliance professionals to get more done while reducing organisational risk. The solution consists of a regulatory data platform seamlessly integrated with a collaboration platform.
RequirementONE is creating the world’s largest data lake that finds data over ten times faster – it takes seconds to do what would normally take days and weeks. There is automatic filtering to surface the information that individuals and teams really care about.
Compliance teams can collaborate on the information using a click and deploy app builder that can be configured around their needs and uses their own processes, reporting and terminology. Accelerated collaboration and decision making result from deploying robotic process automation (RPA). All of this means shared information, fast decisions and reduced risk. When compared with their previous approach, for each app deployed, our customers enjoy a 20-80% improvement.