Compliance Management: Automated vs. Manual

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Whether you are a law firm, HR department, compliance officer, or one of the many other industries, departments, and positions that uses compliance management software, Mindwrap offers many options to streamline and automate document lifecycle in compliance management. With ever-changing rules and regulations, Mindwrap makes it easy to edit documents and automate the approval process with built-in user-friendly features. Reduce the mess of paperwork and compliance management documentation with Mindwrap’s Optix Document Management System (DMS).

Maintain control over all compliance management documentation with a DMS. With all of the hardware and software you need to organize, manage, and edit documents from start to finish. Mindwrap’s comprehensive DMS system includes document imaging, OCR, index and query, workflow, and more for your convenience. These key features have the ability to completely digitize and optimize your compliance management practices that will increase productivity and appropriately manage confidential information. Feel confident that your compliance management documents are being handled with the utmost integrity with the assistance of Mindwrap. Throughout the following blog, we will explore how various features can automate and transform your compliance management practices.

Use Cases

Optix by Mindwrap can be utilized for financial compliance, legal compliance, and computer compliance. Features such as document expiration dates and document archival are key to compliance management.  To streamline the document lifecycle, Optix software provides an archival feature to save expired versions of documents for safe storage and future access if need be. Documents can be taken offline into a secure database to provide peace of mind if they are needed for future reference or recovery. With Optix, you also have the ability to set a clear expiration date for documents to ensure that updates are made to meet compliance requirements. Compliance officers can deploy this tool to maintain compliance with ever-changing rules and regulations. 

Features 

Through Optix’s secure system, have the ease of mind that your company’s data and information are safely stored with easy access when needed. Additionally, you are able to grant different access permissions to different users, departments, and more. That way employees get the appropriate access they need and stay out of documents they do not need to be viewing. Through user privileges you can feel confident that your employees have the permissions they need without giving them full access, proactively preventing errors in compliance management. You can also formalize specific stakeholders who have to approve a change to corporate rules and regulations. For example, a manager has to approve a corporate rule change and wants to be signatory on that approval process. The workflow feature  allows you to specify rules that must be taken in order for the document to complete its lifecycle.  You have full control of who has to sign off, who can take notes, and who can make suggestions to alter that process. This ties directly to user permissions and the importance of having those set in place. As the workforce continues to stay remote, employees can sign documents remotely or assign someone else to sign on the decision maker’s behalf. For example, a regional manager might be out of the office when their signature is required. With a DMS, they can delegate that task to their assistant manager to sign on their behalf with full consent and approval. Various tasks can be distributed among employees in the approval process as well. Have a designated notetaker, editor, reviewer, and so forth with appropriate permissions.

Automatic vs. Manual

Automatic versus manual approval process. Which is more efficient and effective? With automatic features in place, our DMS automatically creates a new version of the revised document that is separate from the previous version whenever there is any sort of change. This allows employees to reflect on previous versions and restore them if need be. You will never lose previous versions of your work which gives you ease of mind that mistakes are not permanent. This is taken care of at the server level. Keep versions organized with version control to prevent document loss or errors.

A manual approval process is more difficult than an automatic approval process due to the lack of automatic revision creation. In order for a new version of a revised document to be separated from the previous version, someone has to manually separate and create the new version. A manual approval process has to pass between people, resulting in human error and thus loss of time, energy, and information.

Get Started Today!

Understanding how and why Mindwrap’s Optix document management system can transform your compliance management practices is just the first step in the implementation process. You can get started on research to see which system is suitable for your compliance needs. Here at Mindwrap, we have industry-leading experts to help you get that conversation started and get your firm moving forward in the right direction. Contact us today to get started.

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