Compliance is becoming an increasingly important topic for today’s enterprises given an ever growing body of legislation designed to dictate and regulate corporate behavior. Consider Dodd-Frank, PCI-DSS, GLBA, and Sarbanes-Oxley, to name just a few such regulatory acts. Implicit in the compliance discussion is the question of how? Given a rat’s nest of rules and regulations overlain complex organizations with hundreds—or hundreds of thousands—of employees, how is it possible to ensure compliance with an ever broadening list of regulations? While there’s no one easy answer, the stakes are high, and the problem is only going to get worse.
Given the burgeoning issues of compliance to lots of CXOs, CIO Review Magazine, for an October 2014 issue, reviewed hundreds of compliance technologies and winnowed down the list to a small handful that show the most “promise” for helping today’s organizations cope with the compliance quagmire. Look close and you’ll find a common theme among these technologies—the automation of regulated processes, ensuring that employees complete tasks without violating rules or laws.
The Risk in Document Production
One of the riskiest of activities in almost any type of organization is the generation of legally binding documentation—contracts of all types, insurance policies, HR documents, and on and on. If any process needs automated compliance safeguards, it’s this one. Get it wrong just one time, and you could be facing anything from lost revenues, to civil litigation, to government imposed fines and sanctions. That’s how it is that CIO Review included HotDocs in its short list of the most promising compliance technologies for 2014. When it comes to imposing control over the document generation process, HotDocs is the global leader.
The editors at CIO Review obviously recognize the importance of document generation in the compliance equation, and, among document generation vendors, chose HotDocs as the best-of- breed for compliance. The reason is simple: when it comes to guiding system users through the complexities of generating, say, a complex, hundred-page contract, there’s nothing quite like HotDocs interviews, the question/answer component of a HotDocs app that can do anything from provide complex answer validation to interactive help resources on a field-by-field basis.
A Few Quick Success Stories
One of the world’s largest banks uses HotDocs to eliminate fraud and collusion in its lending business. A large government agency uses HotDocs to generate ultra complex contracts, an application that shaves the contract production process down from three months to three hours but, more importantly, has virtually eliminated legal altercations resulting from human error. A corporate services giant uses HotDocs to impose document control on a national sales force, which was making ad hoc edits to contracts in order to close deals. And on and on.
HotDocs–a Tried-and-Tested Compliance Solution
It’s easy to argue that HotDocs is a “promising” compliance technology for 2014, and in this regard, CIO Review was right on the money. But HotDocs’ credentials for compliance may not come as a revelation to many of the world’s largest banks, insurance providers, law firms, government agencies, and organizations large and small from any number of other industries, who had already learned how HotDocs delivers on the great promise of process automation: Way faster. Way cheaper. And way better.