The governance framework at Broad Legal Assets, covering aspects like enterprise risk, enterprise compliance, and internal control, relies on the seamless integration of people, processes, and technology. This comprehensive strategy is vital for the framework’s optimal functioning, as each component contributes significantly to achieving the program’s goals. The technology component within Broad Legal Assets’ compliance infrastructure, represented by the BLA Compliance Monitor (BLACM), acts as a pivotal pillar. BLACM is specifically crafted to gather and centralize compliance data, facilitating efficient monitoring and management of the organization’s compliance obligations.

THE NECESSITY OF AUTOMATION

CENTRALISED REPORTING

Automation facilitates the centralization of all compliance-related data, providing a unified perspective on compliance information. This ensures easy accessibility and timely availability of information when needed.

PERIODIC MONITORING

 Automation simplifies the monitoring of compliance status across all locations and functions within the organization using diverse dashboards. It also instills discipline by ensuring compliance requirements are met through alert mechanisms.

 STANDARDISATION

 Automation facilitates the standardization of the compliance database, resulting in a shared understanding and consistent reporting of compliance information across the organization.

 SMOOTHER COORDINATION

 Automation promotes seamless coordination and information flow among different stakeholders responsible for compliance risk management within the organization.

 The key benefits of the BLA Compliance Monitor are as follows:

Centralized Compliance Monitoring Framework – Checklist encompassing all relevant laws at the Central, State, and industry-specific levels.

Receive real-time legal updates- covering over 1800 laws and 20,000 compliance requirements.

Integrated Governance, Risk, and Compliance Software – Oversee contracts, litigation, secretarial tasks, risks, controls, and audits.

Monitoring Internal Compliance – Monitor policies, procedures, ISO checklists, SOPs, and more.

Automated Alert System – Receive compliance alerts, reminders, and escalations.

Comprehensive Dashboards and Reports – Monitor all entities, offices, branches, factories, and more.

Centralized Document Repository – Includes document classification, access controls, expiry alerts, search capabilities, and additional features.

User-Friendly and Intuitive – Features a modern design and a single-page user interface for an improved visual experience.

• Improved visibility into compliance requirements throughout the organization.
• Minimize the risk of fines and penalties.
• Enhanced capability to anticipate, identify, rectify, escalate, and address instances of noncompliance.

Offering increased assurance to the board and executive management regarding their capacity to comprehend and handle compliance risks.