All companies need to protect their own data and that of others. They also all face legal obligations and need to stay compliant. However, it is often easier said than done: it often requires extra effort from employees. To avoid fines, reputational damage and lost deals, companies spend a lot of money on people specifically given the responsibility of the compliance process.

But what if there were a way to embed compliance controls into day-to-day work? What if it were possible to make staff more productive while minimising compliance risks? 

With an intelligent platform like M-Files, you solve both challenges at the same time.

Enforcing compliance

The first step in managing compliance risks is visibility. Business information should not be outside the organisation's information systems and all access should follow an agreed policy. To enable this, all information should be managed in a single storage location or system. Another option is a central federated (overarching) approach across different systems (storage locations).

In wealth management, for example, advisers invest their clients' money according to a mutually agreed plan. Before such plans can be made, suitability and risk assessments must be carried out. And before any transactions are executed, client consent must be recorded in writing. To ensure compliance, all this information must be readily available in case of a client complaint or audit.

Automating compliance and data processes

The second step to productivity is automation. Anything that can be automated should be automated to minimise the risk of human error and simplify work. Anything that you can put in a template, fill in automatically or check on behalf of the employee increases productivity. Why rely on (error-prone) human memory if it can also be done automatically?

Integrating controls into daily work

The final step is about embedding compliance controls as a seamless part of daily work. By linking data and documents directly to business processes, it is possible to ensure compliance against all types of controls. Whether these stem from laws and regulations, industry standards, customer requirements or internal company policies, everything is covered.

Take a busy consultant who has just won a new deal to design a new go-to-market strategy for a client. Since the adjacent department works for a competing company, it is extra important that all knowledge about this business remains within a confidential bubble. Instead of manual procedures, the client's name can be automatically encrypted and all access to client information automatically restricted to only the team handling the deal. That way, the team can just concentrate on its work and the underlying system can handle compliancy.

Make being compliant easy by using a platform like M-Files. Companies will thus ensure that they comply with regulations and laws without compromising their employees' productivity.