Keeping up with all of the reporting that you need to maintain compliance at the local and national level is challenging enough. In addition are the requirements of your customers, who need your support for their own compliance. Without an enterprise resource planning (ERP) system that can manage the process, you are risking your own business and jeopardizing the trust of your customers.
Promote fiscal responsibility and transparency
You can mitigate the costs of compliance with legal requirements or mandates from customers by replacing labor intensive process with an updated ERP system. An ERP solution that enables your business to respond to external and customer requirementsâ€”and that helps you prove that these requirements have been metâ€”is a critical ingredient for business success as you grow and serve new markets.
By updating your ERP system, you can:
- Strengthen your ability to comply with regulatory legislation, such as the Sarbanes-Oxley Act or Health Insurance Portability and Accountability Act (HIPAA).
- Keep executives and managers apprised of key indicators so that they can monitor risk.
- Collect and analyze information across the company and across the globe to centralize reporting.
- Improve security and reduce risk by controlling access to sensitive information.
- Simplify your auditing processes with automatic transaction recording.
As you evaluate ERP systems, you want to choose a system that provides the flexibility and audit controls that will support compliance with complex regulatory requirements and to manage risk. Look for:
- Easy-to-use audit reporting to conform to various requirements.
- Dashboards that give executives insight into key risk indicators.
- Internal controls and workflows to ensure processes maintain regulatory compliance.
- Speed up approval processes to keep the business moving forward while ensuring compliance automatically.
Donâ€™t put your company at risk as you enter new markets and build your business. Letâ€™s talk about upgrading your ERP system to monitor risk and ensure compliance.