SOURCE: LockPath, Inc.

LockPath, Inc.

September 01, 2015 00:00 ET

6 Questions to Ask When Buying a Compliance Solution

OVERLAND PARK, KS--(Marketwired - September 01, 2015) - Managing a compliance program is not an easy task. With the increasing number of regulations, an efficient compliance program has become a necessity for most organizations. More and more companies are replacing their manual processes with a compliance solution to simplify their programs. With so many tools to choose from, finding the solution to best suit your organization's needs can be a daunting task. Fortunately, we have put together a list of 6 important questions to ask yourself while shopping for a compliance solution.

  1. Can this solution link information to get contextual data? Although compliance may be its own department within your organization, it touches several other aspects of the business. A platform that can link data across all areas of the business makes it easier to get context on a particular record. Whether it's linking a policy to an incident or a risk to a regulatory control, this functionality will allow you to see the big picture.
  2. Does this solution have advanced authoring and editing capabilities? It would be great if policies didn't require frequent updates and changes. Unfortunately, we know that is never the case. It's important to keep policies updated. Look for a solution that will allow you to easily view and compare different versions of policies. It's also important for the tool to complete policy authoring within a browser interface with redlining, commenting, and editing capabilities to avoid making simple mistakes.
  3. Can this solution map policies to regulations? More often than not, a policy is created to meet or comply with a certain regulation. It is common for a requirement of one regulation to also be a requirement of another. Mapping a policy back to the respective regulation using controls helps to effectively identify gaps and eliminate inefficient overlaps in policies.
  4. Is the solution's reporting in real time? A robust reporting engine is a critical aspect of any compliance solution. Organizations rely on reporting to easily communicate data to different departments and leadership. Instead of spending the majority of your time building a report, find a tool with drag and drop functionality and real time reports. This will ensure you have the most up-to-date and accurate information.
  5. Can this solution create non-linear workflows? Not all processes are as simple as a linear workflow allows. Certain policies or violations must be routed differently or require additional steps. While searching for a compliance tool, look for one able to build out flexible workflows to match your process. Email notifications are helpful in ensuring the task owner is aware of when a task is due. Time and date stamps on completed tasks will assist in promoting accountability and ownership.
  6. Will this solution grow with my organization? Scalability is a crucial component when shopping for a compliance solution. There is no sense in purchasing a tool that the organization will outgrow in a few years. Choose a platform, such as LockPath's Keylight, that is flexible enough to evolve with your company as it grows. Keylight requires no custom code, making it extremely configurable and not reliant on professional services. This empowers members of your organization to make changes as they see fit instead of shelling out extra cash to pay for additional services.

For more information on LockPath's Keylight platform, please visit http://go.lockpath.com/LockPathKeylight.

About LockPath
LockPath is a market leader in corporate governance, risk management, regulatory compliance (GRC) and information security (InfoSec) software. The company's flexible, scalable and fully integrated suite of applications is used by organizations to automate business processes, reduce enterprise risk and demonstrate regulatory compliance to achieve audit-ready status. LockPath serves a client base of global organizations ranging from small and midsize companies to Fortune 10 enterprises in more than 15 industries. The company is headquartered in Overland Park, Kansas.

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