Compliance is either a state of being in accordance with established guidelines or specifications of the process of becoming so. The definition of compliance can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation.
Compliance is about making sure you comply with all the rules in a given area or sector. Because of the huge increase in legalization, organizations increasingly strive to achieve more clarity wherever possible. The Berkeley Publisher facilitates organizations in compliance solutions by enabling them to translate complex legalization and regulation into online applications. These applications – based on decision trees – allows departments and employees to make autonomous decisions based on the current law, without the need of an expert. Furthermore, our applications create a so-called audit trail, which shows the exact steps that are taken to reach a certain conclusion. This audit trail can in some cases be used as a proof, for example towards financial authorities.
Expert knowledge about legalization and how to comply with them can be very expensive, especially in sectors where laws are changing quickly. By automating the knowledge of experts or the legalization itself, processes can become both more cost-efficient and less time-consuming.
In most regulated industries like finance, healthcare, and government, compliance is playing an increasingly important role. Ever since the financial crises, banking and insurance companies have to cope with a huge number of different legislation (e.g. Dodd-Frank and MiFID).