Sometimes in business, it’s really important to stay out of the news media spotlight. Corporate scandals can destroy not just your public brand, but your entire company. That’s why you need to enforce compliance with both regulatory and ethical standards for your industry – and why many manufacturers and distributors are turning to corporate governance, risk and compliance (GRC) solutions.
Integration of GRC with your Enterprise Resource Planning (ERP) platform makes the process of regulatory compliance and reporting so much simpler – and safer. Instead of a siloed approach, consider unifying strategy, risk, performance and sustainability under one umbrella.
Here are just a few of the ways manufacturers and distributors can improve visibility, manage risks and meet compliance demands with the help of ERP software.
NexSys can centralise your regulatory compliance and reporting
Both governance, risk and compliance and ERP software are all about financial control, accountability and minimizing risk. But they are also about driving efficiency. The cost of reporting to meet regulatory compliance demands can be sky-high, depending on your industry and global markets. By integrating the two, you can truly optimize your use of processes, people and technology.
6 reasons to connect governance, risk and compliance (GRC) with ERP.
Tax compliance
An ERP solution like SYSPRO can help you manage your taxes and withholding’s more efficiently. The cross-module tax-return functionality facilitates easy tax compliance globally, including VAT and GST tax systems used in the world’s major economies.
Financial reporting
SYSPRO ERP makes it easier for your finance department to support GAAP, International Financial Reporting Standards (IFRS) and local regulations around the world. Use the XML output of the General Ledger Report Writer to produce your financial disclosures in XBRL for regulators like the U.S. Securities and Exchange Commission (SEC) or the Committee of European Banking Supervisors (CEBS).
In addition, SYSPRO ERP Software features business analytics tools that provide the transparency you need for optimal governance. With true visibility across the organisation and access to information in real time, you can conduct audits, identify non-conformance and then take preventive actions.
Sustainability and value creation
For companies looking to meet objectives related to social and environmental value creation, not just financial performance, it’s key to have data visibility across your operations. With SYSPRO ERP Software you can also relate data from various areas of the business to report on how the company is performing against objectives such as sustainability or eco-friendly purchasing practices.
Custom protections and audit trails
New financial regulations demand that you ensure the integrity of your financial reporting with appropriate controls and auditability. Defining each employee’s roles in the process – and knowing what they can access – makes it easier to manage risk. With SYSPRO, you can integrate e-signatures and custom role-based permissions, even down to the transaction and field level. This protects your data and gives you the audit trail you need for compliance with regulations like Sarbanes-Oxley and the FDA 21 CFR Part 11.
Traceability
Many regulatory bodies like the U.S. FDA require businesses to track products at the ingredient level so they can manage recalls. Electronics and medical device manufacturers, for example, need lot traceability to manage product components. SYSPRO ERP Software provides full forward and backward traceability, and you can connect it with CRM so you can contact customers and suppliers as needed based on purchase history. By creating documentation automatically, you can also reduce compliance costs.
Business process automation and modelling
Optimal governance, risk and compliance demands transparency when it comes to your business processes. And, the more you automate workflow for routine tasks, the more confident you can be that your business is successfully meeting compliance requirements.
SYSPRO ERP Software enables you to model and document all of your key processes, and then once you have visibility into your operations, you can identify ways to streamline and increase throughput of information automatically. This not only drives efficiency, but it also gives you a complete audit trail on what actions happened, when.
