All business entities, regardless of their organizational structure, scale, ownership, industry, or level of success, are obliged to adhere to certain compliance regulations. Some businesses may face a substantial number of compliance obligations, while others may only face a few.
The subject of compliance has become increasingly important since the global financial crisis that hit markets in the early 2000s. Fraudulent activities that led to the global economic downturn have shaped the compliance practices that we know today. Naturally, back then, regulatory compliance was primarily focused on financial irregularities. More importantly, these influential historical events caused a shift in how companies and their legal departments approach compliance. The corporate sector understood that being reactive to various legal matters that may arise from non-compliant business practices is counterproductive and costly. This is why they decided to be more proactive and prevent non-compliant business practices.
With the constantly evolving regulatory framework, ensuring compliance in the business sector has become increasingly demanding. Some of the most recent examples include privacy, environmental, and cybersecurity standards, to name a few. Companies have increasingly pressured their legal and other departments to identify potential issues and enforce compliant business practices. Given such high demand, the support of external consultants has become crucial to ensure compliant business activities.
However, even with the support of third-party providers, the job may still consume a significant amount of time and energy from the involved parties. Collecting relevant information from various stakeholders in an organisation, processing that information, and producing relevant guidance for risk mitigation in a structured form may take weeks or even months to complete.
This is where GapApp comes in with its full potential. GapApp assists organizations and consultants in automating this process and achieving desired results more quickly and with higher quality. Compliance managers and consultants will initially use GapApp to identify which aspect of their, or their client’s business, they want to analyze and against which regulatory or business framework. They will then set up an automated question form (Bot) to collect relevant information from all stakeholders in the organization. The rest is GapApp’s responsibility!
The application will analyse the collected information, identify current gaps, and propose a roadmap for their mitigation. The entire process can be formalised through a structured report that GapApp instantly generates. In this way, weeks or months of work can be delivered in a matter of minutes.
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This article is sponsored by GapApp.io
