Compliance Solutions

Organisations in all industries are operating in an increasingly complex regulatory environment. Sarbanes-Oxley, Basel II, Freedom of Information, Know Your Customer and various Data Protection Acts require systematic and structured approaches to enforcing and proving compliance.

SoftCo’s R8 business process automation platform provides a comprehensive set of components and “best of breed” processes that ensure both adherence to regulations and policies and also the visibility of current compliance status.

SoftCo’ solutions are used for a broad range of regulatory requirements and standards across the financial and healthcare industries.

Key Features and Benefits
Key Features and benefits of the SoftCo Compliance solutions include:

Adherence to regulatory requirements – the rules governing regulations such Freedom of Information are fully automated, ensuring that necessary evidence both of process and progress are captured. Detailed audit trails of all compliance activities are maintained.

SoftCo has delivered a product that has transformed the operations of the Irish Medicines Board - providing transparency and ownership through its innovative use of workflow technology

Suzanne McDonald
IT & Change Management Director
IMB

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Seamless document management – all incoming documents are electronically Indexed and stored, and all documents relevant to a particular regulation or process are available via the browser interface.
Lifecycle Policy Management - create and enforce content retention policies that determine how long specific types of information, documents or records are stored. The ability to set retention policies at the series or storage level allows compliance officers, records managers or storage administrators to meet the relevant corporate governance or regulatory compliance standards
Proactive Management of activities – work items and activities are presented to legal, compliance and operational staff via a web browser along with associated documents
Built-in flexibility to handle process changes and updates in regulation, where the business logic can be modified without complete redevelopment of the process.
Consolidates and standardises the entire range of enterprise compliance and governance components into a comprehensive framework that eliminates the cost of managing disparate and isolated applications.

Related Case Studies

Compliance

Regulatory Compliance in Action

SoftCo's customers consistently face general regulatory compliance stipulations. SoftCo has assisted a number of clients address those specific corporate requirements by leveraging the SoftCo R8 infrastructure.

Document Retention

In Accounts Payable and Accounts Retrievable environments, regulations require documents to be retained for a specific number of years before they can be destroyed. SoftCo's products addressed this requirement in large organisations including Irish Medicines Board and HBOS. SoftCo has also assisted organisations in the Telecoms space to meet the Regulators requirements for the retention of customer data.

Freedom of Information

The introduction of the Freedom of Information Act has imposed an obligation for transparency and accessibility. SoftCo has worked with Local Government bodies to provide the infrastructure to facilitate public access to planning applications and associated documentation.

Mandatory Reporting

Many regulatory bodies require mandatory reporting and auditing to central and regional government bodies. SoftCo facilitated St Peters University Hospital in New Jersey to adhere to their state auditing requirements for Charity Care customers thus reducing processing time and improving their accuracy ratios.

Facilities Management and Building Regulations

Accessing the information you require when you need it, is the basis of successful operation and management of built environments. SoftCo have assisted organisations though the complete lifecycle of building and engineering developments, during the design and build phase, through the handover of related documentation and continually through the operation and maintenance phases of a building's life.

The SoftCo R8 infrastructure provides an environment for the management of operation and maintenance manuals, health & safety files, building log books and maintenance information, to ensure effective compliance with relevant regulations.

Regulation Bodies

SoftCo has also assisted the regulators to regulate. The introduction of prescription drugs to market is a highly regulated process that requires a high degree of ownership, transparency and visibility. SoftCo assists The Irish Medicines Board to automate, track and report their complex business processes via the SoftCo Workflow environment. This transformed their working environment and ensured that a highly regulated environment was also highly compliant.

Know your Customer

Financial regulators are requiring that financial organisations ensure that lifecycle information and documentation in relation to their Clients are maintained, audited and standards are adhered to. This is commonly known as Know Your Client (KYC). SoftCo has worked with many financial institutions including Bank of Scotland in providing the document and process management environment to assist document capture, secure storage and lifecycle automation to facilitate the governance and regulations in this area.

SoftCo has developed a substantial wealth of knowledge over many years of assisting government bodies, regulators and commercial organisations meet their regulatory compliance obligations. This knowledge has been invested in our products and is available via our consulting teams.

For more information on the R8 compliance Framework, Click here now.