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Regulatory Compliance Software: Codifying Best Practices for Business

Legal requirements for business are constantly changing. Regulatory compliance software is one way that companies address these ever-changing legal regulations; because regulatory compliance software is updated automatically, companies can ensure that their practices adhere to all current regulations and laws. While many fields of endeavor may benefit from the use of compliance software, it is most crucial in the accounting, medical, and environmental protection and remediation fields where proof of best practice is necessary in case of any legal challenges or court proceedings.

Accounting
Accounting regulatory compliance software generally provides internal auditing controls and allows for more transparency in the accounting process, allowing the company to reach full compliance with existing regulations and new legal requirements, including the Sarbanes-Oxley Act of 2002, which is intended to safeguard companies against the excesses and lack of accountability that have plagued accounting firms in the past. The use of compliance software in accounting is considered an essential best practice in today’s accounting industry.

Healthcare
Medical regulatory compliance software is especially important for healthcare companies that must comply with the Health Insurance Portability and Accountability Act of 1996. This act placed additional recordkeeping burdens and required significant safeguards for patient confidentiality as well as changes in how patient information is transferred among medical facilities and healthcare providers. Regulatory compliance software ensures that best practices are consistently used and that the private medical records of patients are kept confidential while facilitating the increased record-keeping requirements outlined by the act and other pertinent legal rulings.
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Hazardous Materials
Companies that handle hazardous materials or other substances of concern to the Environmental Protection Agency must be aware of current best practice guidelines; most such companies use regulatory compliance software in order to ensure they are handling these materials in accordance with all regulations and laws governing their storage, use, and transport. These regulatory compliance software programs typically are designed to restrict access to dangerous materials, to measure and control emissions, and to monitor all aspects of the company’s interaction with these dangerous materials.

Many other businesses rely on regulatory compliance software to ensure that they adhere to all aspects of state and federal law. By ensuring that all activities and business transactions are monitored and recorded by use of these software programs and conform to best practice guidelines, companies can build a reputation for transparency and openness in their corporate dealings and protect themselves against any legal actions that may be brought against the company in the future.

Further reading: Corporate Governance | Audit | Performance Improvement