How Automated Compliance Can Save Your Business Hundreds of Hours

Managing compliance risk can be a time-consuming and challenging process for businesses. From researching specific requirements to tracking updates, compliance management takes up valuable time and money that you could allocate to other critical tasks. In this article, we'll explore how an automated compliance management platform can significantly reduce the time and effort required for compliance management. We like to break down the process into three phases: research, application, and updating.

Phase 1: Research

In the research phase, businesses spend countless hours scouring through multiple sources to identify the specific requirements that apply to their business or pay someone to do it for them. The process is tedious and time-consuming, requiring many resources and coming at a high cost. However, utilizing an automated compliance management platform that provides a comprehensive database of state and federal regulatory requirements can significantly reduce this exhaustive effort. You can begin your research here and bring in counsel later to dramatically increase your time savings, sometimes by 20+ hours in this phase alone.

Phase 2: Application

Once you've identified the relevant requirements, the next step is to determine how those requirements apply to the licenses you hold. This phase has unique challenges, as requirements vary significantly based on the license type and jurisdiction. In this situation, an automated compliance management platform can be helpful, as it provides tailored results based on your specific product types, licenses, and jurisdictions of operation. The time savings here can be 12 or more hours per survey.

Phase 3: Updating

Tracking requirement updates over time is an essential aspect of compliance management. But, staying up-to-date with regulatory changes can be challenging, especially when these laws continually evolve. An automated compliance management platform sends regular notifications to your inbox when updates happen, ensuring you are always aware of the latest changes. These updates eliminate the need to restart the compliance cycle from scratch and reduce the time spent in this phase by 8+ hours or more.

In Conclusion…

Unsurprisingly, introducing an automated approach to your compliance management workflow can save a substantial amount of time. What's incredible is how much time can be saved, with a single survey experiencing savings of 40+ hours over its lifetime. Multiply that amount across the dozens of surveys an average-sized business might need, and you start to see how immense the time savings can be.

An automated regulatory compliance platform like Winnow can greatly speed up your compliance workflow. With its dynamic law database of over 57,000 unique requirements, our customers see an estimated 5X time savings per survey compared to traditional methods relying on outside counsel. Winnow allows customers to build highly tailored state and federal law surveys focused on their unique business needs. It also includes helpful resource and agency guides, links to federal citation language, and much more.

To learn more about Winnow, schedule a demo or call (888) 488-6797.