Why do you need a Managed Compliance Program?

Do you have the expertise and up to date knowledge on global regulatory compliance requirement? Increasing volume and complexity of regulations, frequent changes in compliance directives, exemptions and applicable regions, all makes the compliance program more challenging to manage. If you are not aware or not knowledgeable enough of the requirements and regulatory obligations, your product shipment could be stopped, you will be forced to pay high penalties and more over the brand itself will be at stake. A managed compliance program provider always helps to identify the right regulatory obligations you must comply with. The compliance expertise of the service provider will have clear visibility on global regulations and guide you to meet the required obligations. The experience and knowledge coupled with compliance management software platform makes ComplianceXL unique from other service providers.The material compliance platform helps to manage material data and substance compliance information throughout the product lifecycle. It helps in collecting, aggregating, exchanging, and reporting. The automated reporting process will speed up the overall documentation process.ComplianceXL will ensure that you follow all applicable directives, regulations and documentation.

Advantages of Managed Compliance Services

Below are few key benefits

• Reduce risk of non-compliance issues – stop shipments, fines and fees
• Prevention of product/sales held at customs holding up revenue recognition
• Brand protection and lawsuit protection
• Provide Insight to global compliance obligations and which will help to expand the markets
• Reduce compliance program operational costs and software cost that helps to release capital for investment in other areas of your business
• Improved focus on core business activities – outsourcing with compliance XL can free up your business to focus on its strengths, allowing your staff to concentrate on their main tasks on revenue-generating activities and innovation.
• Increased efficiency – choosing an outsourcing company that specializes in compliance management can help you to achieve a more productive, efficient service, often of greater quality.
• Scalability is vital to supporting business growth and development. ComplianceXL can accommodate rapid changes as and when required to meet additional regulatory and documentation requirement.
• Increased reach –Managed services can give you access to capabilities and facilities otherwise not accessible or affordable
• Benchmarking – Managed service provider can bring you the best compliance program practiced and leverage on their knowledge and skills.

What are differentiators to look for from the managed compliance partner?

• Expertise in varied global regulations specific to products and regions with up-to-date knowledge
• Technology platform built on best practices
• Multilingual supplier engagement team available across time zones
• Capability to train suppliers on compliance documentation requirements of global regulations
• Ability to source compliance documentation of custom parts
• Guaranteed freshness of data

Adopting managed services is intended to be an efficient way to stay up-to-date on compliance obligations, have access to knowledge and skills. It also helps to make your business more flexible and agile, able to adapt to changing market conditions and challenges, while providing cost savings and service level improvements. Utilizing the services of Compliance management software allows the client to have all compliance documentation at a central place and keeps the compliance database updated periodically. Required reports can be generated and viewed to ensure corporate governance policies are adhered to.

ComplianceXL is your one stop shop to manage all your compliance programs with the proper software. It will ensure that all your compliance needs are catered to and the services utilized in the most appropriate way. ComplianceXL will also ensure that you are updated with the new regulations and the documentation is done on time.