You know all of the advantages of using a compliance management platform to help you keep on top of your compliance activities. Now you’re considering which one is right for your firm. Not all platforms are created equal, however. Cloud-based solutions have some distinct advantages over other options on the market.
Here’s why you need to consider a cloud-based platform for managing governance, risk, and compliance (GRC).
Customize Your Solution
Many people think about software as a “one-size-fits-all” deal. That means you have to shop around for a product that is perfect for your firmright out of the box. The unfortunate reality is that few platforms are going to fit your business like a glove. Some are customizable, but too much customization can undermine functionality.
This is not true of a cloud-based platform, which offers much more flexibility when it comes to creating a tailor-made solution for your business. That means that the cloud-based platform will be a more effective tool to help you manage GRC.
They Scale to Fit
Another issue with non-cloud solutions has been that they often come in only one or two versions: a basic model and an extended version that allows you to do more. If you purchase the “base” model, you may not get all of the services you need. If you shell for the expensive, extended version, you might be overpaying for bells and whistles you don’t need and will never use.
A cloud-based platform is much more elastic, which means it can easily be scaled up or down to fit the current needs of your business. That also means you can revise your service as your needs shift. If you have a deadline to meet, you can scale up; when that audit is done, you can pare back service. That means you can manage compliance more effectively and efficiently.
You Get Better Support
Since cloud-based platforms are delivered as services, not products, you can usually count on your provider to offer you extra advantages, such as much better support than what comes with a desktop-based platform.
Many providers will not only offer training for your staff, but they’ll provide additional assistance after implementation. It’s also the service provider’s responsibility to ensure you’re running the latest version of the platform, which means upgrades are included in the price of your service. You don’t need to worry about spending a substantial portion of your budget upgrading programs every few years to get everyone on the latest version.
When you manage compliance through a cloud-based platform, you’ll find that collaboration becomes a lot simpler. The latest information and documents will always be readily available to any authorized employee in any location, which means you can be sure you’re looking at the same information whether you’re in the office two doors down or half-way around the world.
Most cloud-based compliance management platforms also allow you to map your compliance activities onto your workflows. With the help of the platform’s visual workflows, you can easily see what compliance activities need to be completed and when. Some platforms even give you detailed instructions on what to do next and how to do it. That can make managing compliance—and communicating about it—a breeze.
Do More Than Just Manage Compliance
It isn’t hard to imagine that a cloud-based platform for managing compliance could also encompass other services. Since services are scalable, many cloud-based solutions will allow you to pick and choose services.