Regulatory compliance software helps businesses comply with legal requirements in industries such as accounting, environmental, and medical. It manages data, improves security, and assists with record-keeping. The software is essential for complying with acts such as Sarbanes-Oxley and HIPAA. It improves transparency and accountability while reducing the investment of time and materials for companies.
Regulatory compliance software is a software solution for businesses dealing with rapidly evolving legal requirements. Regulatory compliance software is used in a wide variety of industries, including the accounting, environmental, and medical industries. Many industries are heavily regulated by their national government and complying with these regulations can be difficult as it requires a large amount of paperwork and an understanding of ever-changing regulations. Software companies address a demonstrated need and create regulatory compliance software to assist companies and make them more efficient.
Regulatory compliance software is especially vital for the medical industry, transparent accounting practices, and companies dealing with environmental risks. The software is designed to manage and organize data so that companies can access it quickly, giving auditors access to company records along with proof that the company is complying with legal mandates. It also helps improve security records within the business by keeping businesses in compliance with security procedures.
In the case of accounting, for example, regulatory compliance software is used to ensure that companies comply with the Sarbanes-Oxley Act of 2002, which was passed in response to several accounting scandals in the United States. The act called for better internal accounting controls, more accountable external audits, and more transparent record keeping. By using regulatory compliance software, businesses are able to align with the act, rather than investing countless man hours and piles of paper into regulatory compliance.
In the case of industries dealing with potentially environmentally hazardous substances, regulatory compliance software monitors and communicates to executives the day-to-day operations of the company. Regulatory compliance software geared towards environmental applications monitors emissions, examines how materials are handled, ensures that only certified personnel are allowed access to hazardous materials, and provides a way for a business to ensure it is compliant with others regulations of the Environmental Protection Agency.
In the medical profession, regulatory compliance software helps doctors, hospitals, and medical organizations comply with the Health Insurance Portability and Accountability Act of 1996 (HIPAA), which fundamentally changed the way patient information is processed and managed. HIPAA also required extensive record keeping procedures which could be facilitated with the assistance of regulatory compliance software.
Regulatory compliance software is also used in a wide variety of other industries and aims to improve transparency, accountability and record keeping. In response to data and integrity trade-offs in a large number of industries, the US government has enacted a slew of laws that can be confusing or frustrating when tackled alone. These regulations represent a potentially huge investment of people, time and materials for many companies. With the assistance of regulatory compliance software, however, companies can focus their energies on their core goals, whether that be improving human health or selling gasoline.
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