Automation Needed to Boost Compliance
- Sep 13, 2021 9:32 am GMT
Energy corporations today need to put a number of checks in place in order to comply with growing numbers of industry and government regulations. A big problem is that compliance teams do not embed compliance controls directly into their business processes, according to Gartner Inc.
Employees want to take the steps needed to comply with regulations but do not for many reasons.
- 32% of employees surveyed said they couldn’t find relevant information when they missed a compliance obligation.
- 20% didn’t recognize that information was even needed
- 19% simply did not remember.
- 16% did not understand what was needed
- 13% just failed to execute the step
By embedding controls into the business process, companies increased compliance by 30%. Embedding these controls into the process helps in three ways.
- Help Employees Remember
Provide controls as close as possible to decision-making points and offer decision-supportive nudges at critical moments for business decisions.
- Help Employees Understand
Remove unnecessary judgment calls from processes and controls, so it is clear to an employee what their obligations are.
- Help Employees Execute
Streamline the overall compliance requirements on employees: start with the baseline requirements common to most/all employee groups.
Compliance is a challenge that energy companies face. Employees have a lot on their plates and sometimes do not complete needed steps. Integrating compliance automatically into business processes enables them to increase compliance adherence.
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