As regulatory requirements are spiraling in both complexity and scope, businesses seek ways to mitigate risks and rising compliance costs. Organizations of all sizes get increasingly interested in automated disclosures and reporting, aiming to achieve higher standards of compliance and cost-saving. This report expands on the benefits of automated compliance and explains how Athennian entity management software helps businesses stay on the compliance track.
Compliance Risk Decrease
While the penalties for non-compliance tend to scale up as the businesses expand their operation, the importance of compliance function continues to surge, making it "a value-added" to an organization. By aiming at zero breaches through automating their processes, the compliance teams steer clear of reputational and financial losses, increase their deal-readiness and bring value into their companies.
In the constantly changing regulatory landscape, companies face the need to strategize compliance to stay abreast of the ongoing and anticipated changes. The new challenges call for automating compliance processes across the board to mitigate risks and enable businesses to capture compliance issues instantly before they become breaches.
More Efficient than Manual Processes
As organizations grow and increase the number of their entities and scale up their business operations, their compliance agenda expands and can no longer be effectively addressed by manual processes. With legislative initiatives like OECD Pillar II, setting disclosure requirements covering more than 100 datapoints per entity, the legal, finance and compliance teams need to automate their processes to ensure their capabilities to stand up to the new standards.
Given the ever-increasing regulatory complexity, putting more person-hours and people into the processes no longer works. Organizations need automation to streamline routine tasks, exclude manual error, reduce risks of non-compliance and penalties and keep up with the legislative demands.
Real-Time Data in One Dashboard
The corporate compliance framework expands to multiple aspects, including legal entity maintenance and reporting, risk management, providing for data protection and privacy, sustainability-related obligations, vendor due diligence and KYC, among others. While each of these aspects represents a separate area of compliance, all of them are interrelated and draw upon the same pool of corporate data.
At the same time, when various compliance processes and data are siloed among multiple departments, such an approach leads to redundancies and inefficiencies, results in incomplete or inaccurate data, negatively affects the organization's deal and audit readiness and makes the costs soar. Instead, having a single source of truth for all corporate records helps teams to leverage their organization's data among multiple processes simultaneously, update their data in real-time, share access and collaborate across the board.
How Athennian Can Help?
By offering a modern digital platform designed specifically for corporate compliance, Athennian helps businesses of all sizes, from SMEs to multinational conglomerates working across multiple jurisdictions, automate their processes. Companies that use Athennian entity management software draw on its capabilities to achieve increased efficiency in meeting regulatory requirements and reduce risk and errors compared to manual methods.Specifically, Athennian is capable of significantly reducing manual workload through the following functionality.
Document management
Compliance teams working with the Athennian platform leverage the virtual minute book functionality, benefiting from instant cloud access to all corporate records from anywhere on any device. By keeping all corporate data on the Athennian platform, multiple teams organize and manage compliance-related documents on a single platform, assisted by auto-populated customizable templates.
Real-time Monitoring
When compliance processes are automated with Athennian, the teams are effectively assisted in observing critical deadlines by reminders and alerts for pending compliance obligations, disclosures and filings.
Centralized Compliance Dashboard
Athennian offers teams an intuitive database for corporate records consolidated into a user-friendly dashboard. By enabling real-time monitoring of compliance processes, Athennian becomes a central hub offering a real-time snapshot of overall compliance for informed decision-making.
Workflow Automation
Athennian automated workflows for entity management have become a game changer for compliance teams, seeking to keep pace with spiraling regulatory requirements. By automating their entity management, compliance teams reduce manual intervention, save time and enhance the accuracy of the disclosures and filings.
Collaborative features
Working with Athennian, the legal, finance, tax, audit and other teams can work with a central corporate database on a single platform simultaneously, sharing data instantly with internal and external actors and enabling quick approvals. When teams are distributed among jurisdictions, time zones and geographies, working on a single platform helps to avoid bottlenecks, ensures communication and facilitates cooperation across the board.
Audit Readiness
When all legal entities are well-maintained, and corporate records are accurate and up-to-date, the compliance team can expect no surprises during an audit season. In addition, Athennian includes important functionality for audit trails, providing a historical record of all changes that have been made to the organizational structure and corporate records.
Cost Savings
By replacing manual processes with automated compliance and cutting the time for routine entity management tasks and approvals from hours to seconds, Athennian offers considerable time saving for compliance, audit and M&A due diligence. At the same time, by reducing human error in data management processes and improving compliance, Athennian helps organizations avoid costly penalties and business disruption.
Learn More with Athennian
Athennian entity management software includes comprehensive functionality for enabling automated compliance, decreasing risks, improving overall organizational efficiency and keeping all corporate records up-to-date. For more information about the benefits of automated compliance and how to automate your entity management processes with Athennian, please don't hesitate to contact us for a free consultation and demo.
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