Why use compliance software?
Compliance is an essential element of a firm’s operation and as with anything these days technology plays a very important role in efficiency and effectiveness;
The smarter forward thinking Legal practices have adopted software early and are potentially already ahead of their competitors.
4 reasons why you should invest in software to manage your firms compliance:
- Increased efficiency and reduction of human error. This can in turn reduce your firms operating costs.
- Simplifies the management of compliance tasks making it is easier to fulfil the COLP & COFA duties when trying to comply with over 86 outcomes. Software automates a lot of the manual tasks, which means you spend less time gathering information and more time analysing it. This enables a firm to manage compliance pro-actively and use the data to drive change and improve standards.
- Automation of reports containing key data. Reporting and evidencing compliance objectives is key to ensuring compliance with OFR. Paper based and excel reports are inefficient , time consuming and prone to errors, they also consume valuable time of key personnel. Software has the functionality to produce detailed or high level reports at the click of a button.
- Scaleable. If you are trying to grow your firm and you need to take more people on, having a software system in place makes it easier to add them into firm processes and procedures whilst maintaining central control on all new employee compliance tasks.
Using software to managing compliance is more efficient and more flexible. By transforming current manual processes into automated ones, admin time is recovered from fee earners and partners. Deploying efficient process enables you to cut costs and use your staff time more effectively. Key stakeholders of the firm can focus on driving the practice and generating income instead of spending hours transferring compliance related data into excel for analysis.
There are 86 outcomes that need to be met and adhered to. Using software is an easy way to check and make sure all the bases are covered, helping to ensure problems are kept at bay.
Software gives you access to up to date information on regulatory changes and by choosing the right system you can be secure in the knowledge that you are on top of regulatory requirements.
When software is deployed to manage compliance, reports are generated automatically, compiling all the necessary data needed by the SRA and your insurer. Using software, you can easily find out how many file reviews have been completed that month, how many undertakings are outstanding firm wide as well as things like when your next referral arrangement audit is due.
Firm growth and the scaleable nature of software
If your firm grows then the way you operate, the systems you use and the software utilised all need to grow with the business. Some firms mix manual and automated systems, but this can bring a number of challenges and problems. Ultimately deploying specialised software reduces the reliance on manual processes, reduces time spent and increases accuracy and efficiency.
Software is not the answer to compliance but it is a key factor in ensuring your firm is the best it can be in this area. Compliance is about best practice and looking after your clients and this in turn brings huge rewards to a well run firm.
Keeping the regulator and your insurer happy has the knock on effect of making your business more attractive to clients and as a result your firm will generate more revenue.
Choose the right software, engage with it, and use it you your advantage – it’s something that your competitors are already doing today.