Innovation and technology regularly go hand-in-hand in an age where the faster, holistic, and more self-sufficient solution is constantly being sought.
The dynamic nature of technological innovation puts new, pioneering solutions within easier reach, allowing end users to build on workable foundations, access information readily and promoting the ideal of self-sufficiency.
Thabo Molefe, Divisional Director: Legal Information and Compliance at LexisNexis, said innovation in the digital age has meant many positive changes for the legal and professional sectors in the form of simpler, more effective operations methods.
“Compliance management, like innovation, is a fluctuating practice and one that can seem daunting and difficult to maintain without assistance.
“Pioneering systems – such as Lexis® Assure and Lexis® GRC – are prime examples of how new technology built on existing fundamentals can make complex procedures, such as compliance, that much simpler to take care of,” he said.
The advantages of automated, digital systems are multi-faceted.
Aside from being time-saving and convenient, programmes such as Lexis Assure and Lexis GRC provide quick answers with substantial background information on which to base arguments and business positions. This is made possible by providing the most recent and up-to-date information in a particular industry – legal, corporate or otherwise.
Working via online features can also save costs for companies as third-party involvement and consultation processes are by-passed.
“The foundation of any business is built on the company’s ability to adhere to legalities and ensure all the necessary checkboxes are ticked. Staying ahead of the pack, growing as a company and minimising risk all rely on these being done timeously,” said Molefe.
Online systems aid in streamlining business, automatically documenting every change, addition and new concept. This removes the need for laborious filing and other processes for personnel, who are able to proceed with their daily targets.
Lexis Assure provides daily email alerts, analysis and compliance calendars which assist the user in keeping track of regulatory changes relevant to business. This online solution allows users immediate access to new developments in legislation, follows risk ratings and provides information on the penalties for non-compliance, laying out all the necessary information as and when it is required.
Lexis GRC is a comprehensive reputation protection solution and the governance, risk, and compliance software that executive boards can rely on. It offers a range of customisable modules that conserve resources, minimise risk, and guarantee continuous improvement, including Compliance Risk Management, HIRA, Incident Management, Auditing, Occupational Hygiene, Enterprise Risk Management, Legal Universe and Registers.
“Companies should have in place a well-coordinated compliance management system, which begins with identifying the acts and principles that apply to their organisation and keeping abreast of the updates and changes to these regulations so that they can identify threats before they impact their business,” said Molefe.