Once upon a time, there was a company that was looking to purchase compliance software. The software and manual processes that the firm was using to manage compliance just weren’t keeping up with the firm’s growth and it was time to move on.
But like Goldilocks in the classic tale of the Three Bears, they found that not all compliance software was just right.
Like Goldilocks, the compliance team had to try out different options to find the compliance solution that was just right for their needs - not too big, not too small, not too complicated, and not too simple.
First, the team tried a solution that was just too small. It was inexpensive but lacked the functionality and flexibility that the firm needed to manage their compliance program. While it was easy to use, this software had very limited features and did not cover all of their compliance needs or meet all of their requirements. The product also did not come with much guidance during implementation or customer service after it was deployed. The company felt like they were left on their own to figure out how to use the system, which was a risk they couldn’t afford to take. It was like the porridge that was too cold for Goldilocks to eat.
Competing Priorities Drive the Need for Compliance Technology
Next up, the team continued their search for compliance software by looking at the most expensive and comprehensive options available. They tried out a system that was costly and difficult to use, with features that they didn't really need. The solution offered a wide range of features and promised to meet all their compliance needs. However, when they began to use the software, they found it to be too complex and difficult to navigate. It was overwhelming, and they struggled to figure out how to use it effectively. The company felt like they were drowning in information and couldn’t find what they needed among all the clutter. It was like the porridge that was too hot.
When the team looked at MyComplianceOffice, they found a solution that was just right. It was reasonably priced, easy to use, and had all the features they needed to effectively manage their compliance efforts, plus they could customize it to their specific needs.
Regulatory Expectations Demand the Latest SaaS Compliance Technology
Just right software also provides a best-practices framework for improving compliance across the organization. The solution brought value to the organization by helping the compliance team streamline their processes and save time and money. In addition, the vendor was able to deliver a timely implementation and responsive, knowledgeable and accessible support so the team could make sure that they maximize value from the software going forward.
Finding the right compliance software starts with asking the right questions and pulling together the right team. It's important to take the time to find the right fit. When purchasing compliance software, it is essential to identify the company's compliance needs and goals. This will help narrow down the options and identify software that is tailored to their specific requirements. The company should also consider the software's user-friendliness, implementation and training requirements, and ongoing support and maintenance. Read a white paper with guidance on finding the right strategic technology partner to meet your compliance needs today and in the future.
MyComplianceOffice offers firms large and small a flexible, scalable and easy-to-use platform to meet their compliance right now and down the road. Firms can implement the modules required for compliance today and easily expand to add additional users and solutions as their business grows over time.
And with one login and one data source, compliance teams can rest assured that they are looking at an integrated picture of compliance across the organization with a single dashboard view.
MCO is the compliance choice for global firms of all types and sizes.
Read about some of their stories here.
Set up a demo to see how we help firms move away from outdated compliance systems that just don't fit and towards streamlined, integrated and effective compliance governance.