Benefits Of Outsourcing Compliance Reporting
Compliance management and reporting require strong domain knowledge and experience, as regulatory complexity increases over time. As the operations of an organization expand, the risk of non-compliance increases multifold. In this dynamic regulatory compliance space, in-house teams find it difficult to manage the multiple requirements of various regulations. While some companies may have a lean compliance team, others rely on supply chain or quality teams to manage compliance, making it an extra burden for employees.
Outsourcing compliance support and reporting helps companies meet compliance requirements in an easy and efficient way. While strategic compliance decisions can be taken in-house, the legwork behind the entire compliance management can be handled by experts who can handle the work efficiently.
Our compliance reporting software support & services include
- Report format creation
- Collecting compliance documentation from suppliers
- On-demand report generation – such as product level roll-up report
- Technology platform for compliance management and reporting
- Managing customer requests for compliance reports
Benefits of Outsourcing Compliance Reporting
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Reduced Total Cost of Ownership – Driving the entire compliance program internally requires dedicated staff, leading to resource overhead costs and program management costs. At ComplianceXL, we provide compliance experts on-demand, to provide compliance reporting services whenever your organization needs it and at a competitive price.
- Focus on Core Business: An important factor that justifies outsourcing is that it enables internal resources to focus on their core business functions. Compliance is essential for a company, and we can enable that – with minimal distraction to your team.
- Strong Domain Knowledge: A good compliance program requires strong domain expertise in compliance, which often may not be available from your existing staff. At ComplianceXL, we give you the choice of having the best compliance experts manage your compliance reporting with up-to-date knowledge of all global regulations.
- Flexible Capacity: As compliance needs evolve over time, the effort required also varies for an organization. ComplianceXL offers flexible and scalable engagement models that can suit your varying needs, and help you avoid increasing fixed costs for cyclical needs.
- Improved coverage: Compliance programs need to engage with suppliers across the globe to collect compliance documentation, such as Full Material Disclosures or Certificates of Compliance.
ComplianceXL has a dedicated team of supplier engagement experts with strong experience in this space, enabling you to maximize the coverage of suppliers and response rates, making the program more successful.