What Is Regulatory Compliance?
Regulatory compliance is an organization’s observation and conformance to external standards, controls, regulations, guidelines and/or laws that are specific to the organization’s type of offering. Failure to comply can result in a violation of the standard which then can result in civil and/or criminal penalties. Compliance regulations differ from industry, but includes measures such as:
- Dodd“Frank Wall Street Reform and Consumer Protection Act
- Health Insurance Portability and Accountability Act (HIPAA)
- Sarbanes-Oxley (SOX)
- Federal Information Security Management Act (FISM)
- Foreign Corrupt Practices Act (FCPA)
Depending on the regulation, there are often overseeing bodies associated with regulations such that impose new regulations and investigate in the matter on non-compliance. For example:
Establishing an effective compliance program can be somewhat challenging because the terms and conditions of what is effective differs between organizations and industries. One of the most often referred publications for establishing an effective compliance program is the 2011 Federal Sentencing Guidelines Manual §8B2.1. Often compliance efforts are in tandem with an organization’s effort to be ethical in decision making and creation of a sense of ethical corporate culture and identity.
Regulatory Compliance In Microsoft SharePoint
Choosing a platform to host your regulatory efforts is not a straightforward task as there are multiple factors that go into the decision such as functional needs and utilization of current assets and resources. Organizations must first map out platform requirements and consider what kind of strategy they would like to explore to meet their regulatory needs. SharePoint is often a strategic initiative within the organization as it is estimated that about 80% of Fortune 500 Companies already have a SharePoint environment. Applying a SharePoint template for Policy and Procedures Management or Contract Management can be a straightforward and a turnkey solution – here are some major benefits for choosing SharePoint as a Regulatory Compliance Platform.
1. SharePoint Documentation – We will never be rid of documentation within the compliance realm, as documentation is the basis for our organizational regulatory efforts in policy and standards creation. SharePoint allows a tandem relationship between documentation and the data associated with your documents. SharePoint can provide a central repository for your documents with the metadata (data associated with data) related with your documents that can provide intelligence and analytics that will take your compliance analytics to the next level. For example, real-time dashboards can identify document statuses and display who is currently working on a document thereby reducing the unknown. You can also run reports to see all policies that are expiring within a time frame or run an analysis to see where there are gaps in data.
2. Actionable, Trackable, and Measurable – A major concern of compliance associates is a solution that allows you to straightforwardly track compliance measures in a friendly format and provide information to take action. Many of the issues facing compliance processionals is a lack of information that provides actionable insight. By applying a Policy Management Template to your SharePoint Platform you can see which employees have and have not acknowledged particular policies. Managers can know when to step in through email notifications and see what department is most and least effective in completing their compliance assignments. Real time dashboards give statuses at a glance and notify of impending issues.
3. Data Retention – SharePoint is great in that it can hold 30 million items, allowing a platform that can hold the scale of Enterprise Compliance and Enterprise Content Management efforts. SharePoint has incredible version histories, allowing you to save a copy of documents as they are drafted and revised. It will tell you exactly who modified the document and when, allowing a full view into the way a document evolved. You can choose how long information is retained within SharePoint and it is straightforward to find what information you need when everything is centralized in one location.
4. Certification – Sending employees acknowledgements on policies and procedures has never been simpler with a policy management solution in SharePoint – SharePoint allows specific users to interact with data and records that interaction. Policy management solutions offer acknowledgement centers where compliance leaders can send quizzes and acknowledgements to employees without paper documentation. This information is stored within the SharePoint environment and managers can use useful metadata to find actionable information within their disciplines.
6. Active Directory Integration – One thing to be mindful of when choosing a compliance platform is how users are managed within the platform “ is it a manual process where HR will have to move employees out of groups as they are promoted, hired, or leave the company? SharePoint groups automatically integrate with your active directory “ as you update your active directory your SharePoint automatically follows suit. Removing people from collaborative groups is also straightforward “ a simple search and replace function allows you to manage the system without heavy IT input.
5. User Privacy and Folder Permissions – SharePoint allows you to easily set permissions for specific folder views so it has never been so straightforward to manage your policy or contract content library. The content library is fully customize able in SharePoint allowing you to set departmental folders that are pertinent to the right employees. No longer does the compliance team have to search through multiple shared drives to make sure all policies or contracts have been updated – instead SharePoint allows you to use metadata to capture your important dates and automatically remove policies or contracts from employee views upon expiration.
ConvergePoint SharePoint Compliance Solutions
ConvergePoint Policy and Procedures Management Template for SharePoint – The SharePoint Policy Management Template allows you to create your policies and procedures in one central location while easily accessing existing policies through a powerful central repository and search tool. The SharePoint Policy Management software’s easy-to-use dashboards and reports keep you informed of policy review statuses, delays, upcoming renewals, and certification issues.This SharePoint Policy Management Software Solution is modular, fully customizable, and can be branded to your specific needs. (Read More)
Also Read – Policy Management Industry Best Practices
ConvergePoint Contract Management Template for SharePoint – The SharePoint Contract Management Template allows all files to be stored in one central location throughout the creation, review and approval process. Management has access to the real-time dashboards throughout the process, creating a constant awareness of contact statuses, which also falls in line with current industry best practices. Changes to documents are tracked, making it easy to find the most recent version. Ensure a reduction of unnecessary requests, find bottlenecks in the contract lifecycle, and ensure you never miss another contract renewal. (Read More)
Also Read – Contract Management Industry Best Practices