The power of integration
Specialized software systems are useful to facilitate compliance processes in specific domains such as product stewardship, tax and customs. Compliance software can, for example, help track and check volumes of regulated substances and determine the compliance status of materials based on up-to-date regulatory content. Or it can automatically determine goods’ countries of origin, provide products’ customs codes, follow up on import licenses or generate customs declarations, in order to comply with customs regulations.
“It is important, though, that these solutions are closely integrated into other systems,” Kristof stresses. “Only when the transactional and master data of various business processes, such as R&D, procurement, manufacturing, logistics and sales are integrated will you be able to enable consistent, reliable and efficient compliance results.”
To ensure that compliance adds true business value, Kristof advises even more far-reaching integration: “Companies must connect their compliance processes with the corporate strategy,” he says. In other words: compliance is not solely the responsibility of the CFO or compliance officer: every single department has a role to play.