Hitec Laboratories, a leading provider of Enterprise Content Management (ECM) and Governance, Risk and Compliance (GRC) software solutions to enterprises around the world, highlights the challenges Law Firms are facing in an increasing regulated environment.
The compounding growth of regulations and compliance directives means Partners, COLP’s and COFA’s are facing added pressure to demonstrate Compliance and Best Practice. Law firms appreciate the requirement for robust policies and procedures, but realise that these alone are almost worthless if they are not regularly reviewed and communicated properly, leaving them vulnerable to financial and reputational damage in the event of a regulatory investigation.
These risks, along with escalating accountability, at individual and Partner level, means proactive management of critical policies is essential to mitigate liability.
Hitec are finding more and more Law firms are deploying their automated Policy Lifecycle Management solution, PolicyHub, to help them simplify their entire policy lifecycle process, from creation and review through to communication, knowledge assessment, audit and reporting.
Jeremy Crame, CEO, Hitec comments: ‘we are being continually approached by Law firms asking for advice and support with their policy management programmes. Driven by tightening regulations and standards, these firms are implementing automated solutions to ensure their Governance, Risk and Compliance needs are met and to demonstrate Best Practice. Automated solutions provide peace of mind in an increasingly demanding regulatory environment, providing evidence should litigation arise. Our customers agree that their administrative overheads can be costly and managing silos of information from various sources is incredibly time consuming and susceptible to errors. They like PolicyHub as it’s a built for purpose, cost effective solution that protects them from serious risks by providing evidence of Best Practice. ’
Jeff Wright, Partner, Facilities & IT Director, on behalf of Morgan Cole LLP, a Hitec PolicyHub customer, states: ‘We already had a number of well written policies in place. Over time we’d also established a system of ‘policy owners’. Where we were struggling was the lack of a system that could make management of this process really effective, simple and sustainable.’
As the demands of addressing legislation and regulations increase, firms are looking for a practical solution that is easy to deploy and configure. PolicyHub is simple to use and enables proactive management of critical documents, supporting Law firms to avoid the significant risks associated with non-compliance.
Hitec’s PolicyHub received a special commendation at The Compliance Register Platinum Awards. The solution was recognised for ‘Exemplary Service to Compliance and Regulation’.