Compliance is becoming more and more important in business. Government regulations, from hiring practices to accounting principles, have changed and tightened in recent years. While these changes can be confusing to understand and hard to implement, compliance is one of the most important requirements.
Compliance refers to all of the requirements to keep your business in good standing where it conducts business. To guarantee the safety of consumers and business customers these regulations need to be a priority.
Noncompliance can lead to a variety of issues for your business including:
- Revoking of legal standing
- Monetary penalties
- Dissolving of the company
- Possible criminal charges
- Ruining your companies reputation
Companies can be compliant in two realms, internal and external. External regulations are government regulations regarding annual reports, taxes, food-safety, etc. Document Management systems can help meet internal compliance regulations. Businesses can meet internal compliance by keeping a variety of procedures in place.
- Virtual Access – Your company can safeguard virtual access and keep it only for those who need it with a document management system.
- Password Protection – Document management ensures that all of your documents and important information/data can be secure through passcode protection.
- Security Updates- Document management and security updates makes it easier for an entire system and to make sure they are universally installed.
- Virus Protection – Having a secure document management system protects from viruses.
- Business Continuity – By having a document management system in place, business will continue as usual through any changes in organizational structure.
- Media Removal – A document management system makes it easy to remove media on scheduled destruction date or remove and store media that is necessary from digital archives.
- Risk Analysis – Document Management systems with Business Intelligence will allow data to be stored in an easy manner for risk intelligence.
- Audits and Reviews – Having document management system creates better organization and increases the paper trail for audits and reviews.
By utilizing document management, you can improve your compliance and ensure procedures are met.