Collecting Evidence and Documentation

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There’s no gray area when it comes to proving compliance; regulators will consider you noncompliant if you have nothing to show for it. Streamline your process of collecting and documenting evidence of regulatory compliance using this comprehensive solution package. 

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Why Taking a Risk-Based Approach to Regulatory Evidence
and Documentation is Important:

LogicManager’s Regulatory Compliance Evidence Collection
& Documentation Solution

LogicManager offers a full risk management and governance solution to empower all of your evidence and documentation needs:

  • Our centralized control library allows you to view all of the different controls you’re currently using to mitigate regulatory requirements.
  • Automatically identify which controls may be in scope based on our Suggested Mitigation AI feature that suggests new controls based on the risks you’re mitigating.
  • Receive automated prompts for control updates via our mitigation tasks feature. This can be triggered on any set frequency to ensure all updates are captured as they occur.
  • Upload documentation for each of your controls to provide additional context, or link to a particular policy or procedure to build many-to-many relationships within the system.
  • Flag issues on a control that might require additional review, and subsequently follow its progress within the application.
  • Easily test the effectiveness of your controls to capture both qualitative and quantitative information.
  • Utilize any of our out-of-the-box, customizable reports, including:
    • A mitigation table report, where you can see all controls in one place
    • The Mitigation Dashboard, which shows your most critical controls
    • The Readiness Control Matrix, which displays all of the requirements your controls are related to
    • Our Readiness Survey, which shows specific areas of compliance and noncompliance

Benefits of LogicManager’s Regulatory Compliance
Evidence Collection & Documentation Solution

Maintain a centralized repository

Having a central repository of controls, policies and procedures that can be managed in one place reduces duplicative work. By leveraging existing mitigations across different requirements and regulations, you do not need to duplicate control documentation efforts and can bring in view-only copies of controls to be tested – which saves time and resources. You are also then able to cut down the number of tests that you need to perform to collect evidence of your compliance, further saving time and money.

Effectively manage regulatory risk

Building a strong inventory of controls that can be leveraged across various regulatory requirements that you must comply with keeps your organization protected from falling out of compliance. By using the results of your gap assessment, you can easily identify where you are most vulnerable and where you need additional controls in place – which is simply a better way to manage risk.

What is Regulatory Compliance Evidence?

When you are audited by regulators, it’s important to have evidence that you are compliant with whatever regulations that apply to your business. Collecting evidence and documentation on your regulatory compliance controls is a critical part of any risk and compliance program. Not only does it help you stay protected from fraud and negligence, but it also helps you stay on track with the best practices set forth by the regulations you’re adhering to.

Regulatory Compliance Risks

Failing to prove compliance, especially when you are in fact, compliant, is a 100% preventable risk. A lack of control identification could lead you to cause your organization to fall out of compliance. If this is a compliance framework that has associated fines or penalties (and most are), you’ll be subjected to those fines or penalties. On top of that, having an unorganized identification process could lead to duplicative efforts or missing information, which wastes valuable time and resources.

Request a Demo of our Evidence Collection & Documentation Solution Package

If you’re ready to align your organization with regulatory compliance best practices, schedule your free demo today and see our risk-based software solution in action.

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