Most firms spend up to 10% of revenues on compliance-related expenses. A well-automated compliance function should bring compliance costs below 7% of revenues. With BDSential’s Compliance Management feature, hitting this mark is simple.
The system compiles Audit Violations reported for each audit and allows a designated Compliance Manager to enter Corrective Action Comments in response to each Violation. This feature includes a Compliance Dashboard which can be accessed by designated “Observer(s)” to Track Compliance Status and Violations: Totals, Addressed and Pending. The system includes User Alerts for each Compliance Status and a system generated Corrective Action Report.
The Compliance Management feature provides much-needed transparency for key stakeholders – including Executive Management, Board of Directors, Audit Committee Members – allowing them to easily track corrective action progress and implementation, close the loop on repeat violations and avoid fines, sanctions and reputational risk.
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