Managing risk and compliance are critical tasks for keeping companies safe, which is why corporate legal departments are turning to compliance automation tools.
Between an ever-changing regulatory landscape, an increased focus on data privacy, the need to monitor internal policies and guidelines and more, risk and compliance represent a challenging task. It spans multiple departments within an enterprise, requiring collaboration and management of often manual tasks. These elements increase the possibility of the proverbial dropped ball and, in turn, increase the likelihood of noncompliance with external or internal protocols or higher risks for companies.
Take, for example, data breach incident reporting for GDPR and other data privacy regulations. Organizations must take immediate action to report potential data breaches to the Information Commissioner’s Office (ICO) within 72 hours. However, this can be a challenging timeline for large organizations relying on spreadsheets, phone calls and emails as tools for compliance.
What if legal operations could build their own compliance automation tools? It’s happening – and quite often. Here’s how.
The Power of Business Process Automation
As a general rule, the lower the number of tools needed to manage a process, the higher the overall efficiency. That’s where business process automation and compliance meet.
Corporate legal departments of all sizes across the globe are rethinking how they work. They are looking for ways to radically improve their process performance to optimize compliance activities. Technology is rapidly accommodating this need through the rise of no-code platforms and visual interfaces. These innovations have made it possible for almost anyone to build and deploy solutions and applications without writing a single line of code.
Let’s return to the example above of data breach incident reporting. Automation vastly streamlines this process. One team of legal operations experts, which included BT and Standard Chartered, built an App on a no-code business process automation platform to streamline the process. The resulting App reports, manages and tracks data breaches and notifies regulators. It collects data breach information, automatically sends a notice to the security and compliance team and offers a rules-based dashboard and a quick entry point to review records. It even generates ICO reports and submits them in addition to collecting feedback from the organization. (You can see the App in action in this video.)
Risk and Compliance Automation Tools and Apps
The Onit Nation – a group of Onit Fortune 500 corporate legal customers, partners and employees – has built an impressive range of Apps on our business process automation platform. These 5,500+ Apps cover a wide range of industries and practices, including accounting, finance and procurement, enterprise operations, general and administrative, human resources, IT, legal operations, marketing and IP and risk and compliance.
Here are some of the risk and compliance automation tools the Onit Nation has created:
- Compliance Questionnaires: Creates, distributes and keeps track of responses to questionnaires for various compliance-tracking needs.
- Directors’ Stock Election Unit Form: Assists with distributing, collecting and tracking annual Board of Director’s instructions for stock options.
- Employee Incident: Provides a secure intake mechanism for employees to report incidents, both named and anonymous.
- Ethics Violations: Provides intake and oversight for ethics violations, collecting all ethics cases together for better oversight, collaboration and management.
- Gifts and Business Entertainment: Provides robust workflows and automation for company-wide gift and business entertainment to improve compliance with relevant policies.
- Internal Investigations: Traces internal allegations end to end and creates capture points for intake.
- Power of Attorney Agreements: Handles the approval and management of power of attorney contracts used when a company needs to act on behalf of an employee.
- Whistleblower: An anonymous intake of any alleged activities brought by employees that allows you to organize, assess and manage whistleblower allegations in a secure, centralized, workflow-driven solution.
These are just some of the tools that make risk and compliance tasks easier. Peruse the App Catalog now to find even more inspiration for ways you can revolutionize your workflows and increase your efficiency. You can also learn more about no-code platforms by reading this white paper – No-Code Platforms: How They Are Transforming Legal Operations and Their Enterprises.