How Compliance Software Can Expedite Your Audit

Compliance Automation is Largely Underutilized

In our 2021 Compliance Benchmark Report, we would that only 25% of respondents are using a software solution to prepare for audits and assessments. For a plethora of reasons, many organizations are missing out on key benefits of automation and compliance management software, such as:

  • Creating efficiencies across multiple audits
  • Improving communication between departments and managers
  • Reducing the amount of employee time required for auditing

A Potential Link Between Compliance Automation and Revenue Generation

In addition, our research showed that companies that generate more revenue are more likely to use compliance automation software. These companies are able to invest in automation tools to save time, consolidate processes, and make more data-driven decisions.

  • Mapping information to controls
  • Centralizing asset storage
  • Streamlining communications
  • Consolidating audits where possible
  • Accelerating timelines to final certification/reports

Compliance Automation + Human Expertise = The Full Package

The gap between expertise and technology is a difficult conundrum; after all, a true audit entails readiness, evidence collection, fieldwork, reporting, and certification or attestation.

Key Takeaways

The 21st century tech boom led to a proliferation of compliance automation software, yet many organizations are too mired in “the way things have always been done” to pivot and embrace this technology. And, while automation tools on their own can greatly reduce the effort required to compile data and prepare for an audit, we’ve yet to reach a point where machines can complete 100% of the full audit lifecycle.

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