Why compliance software solutions are a must and why you can rely on Nimonik for them

It is nothing new that some countries do not have Business Competition Laws. There is great resistance from groups with political and economic interests not to have them. They seek to profit from the violations that occur and of course. this is something that must be prevented and minimized.

The main objective of the Business Competition Law, among other things, is to prevent the occurrence or practice of anti-business competition actions and to encourage healthy competition between companies participating in business competition.

However, in many countries including ours, this law has been applied and it has implications for external obligations that every company must comply with. There are so many obligations to comply with and it can feel impossible to rely on a completely manual approach. Therefore, compliance software solutions are very much needed. Nimonik inc. is one of those solutions providers and based on our experience, this Canadian-based company is the best.

What is the Nimonik compliance program for?

Nimonik’s compliance program is a very useful tool to help companies prevent and detect their participation in illegal acts, which could give rise to criminal or administrative liability resulting in the deterioration of their reputation. Simply put, through Nimonik’s compliance program, your company will be able to prevent and identify practices that conflict with antitrust regulations.

What are the advantages?

Implementing a Nimonik compliance program in your company brings many benefits that we list below:

  • Your company can determine whether there are aspects of your company’s processes that could be reviewed and improved.
  • Your company can comply with antitrust regulations, which can be attractive to partner companies that may contribute to attracting your business to a wider reach.
  • Greater trust by potential clients, national and international.
  • Correct identification of current and potential risks that may occur.
  • Early detection of possible problems.

But why Nimonik? Why not compliance software made by other companies?

There are several reasons why we recommend Nimonik above other compliance software companies. Here are them:

The Nimonik Compliance Program has the most comprehensive and always updated compliance library. It is a repository of information for any company administrator in dealing with various external obligations in the form of industry regulations, industry standards, and laws covering the industry. Nimonik’s compliance library is regularly maintained to ensure it remains relevant to evolving industry needs.

Here is the Nimonik compliance solution workflow:

– Identification of documents relating to obligations that must be complied with, including external and internal obligations. External obligations are in the form of regulations, standards, and laws that cover the industry in which the company is involved. Meanwhile, internal obligations usually include contracts that have been signed and especially obligations that must be paid to employees. All types of obligations can be integrated by Nimonik compliance software.

– Extract obligations taken from applicable documents.

– Risk identification that examines the consequences that will be received if you do not comply with certain obligations. It is also related to controlling the risks that exist and may exist in the future.

– Take action based on software recommendations with the aim of complying with obligations.

– An audit process carried out internally with the aim of checking whether the process of complying with obligations has been carried out correctly and in accordance with established standards.

Relying on Nimonik to provide compliance solutions was a smart decision as the company has for years provided compliance solutions for giant companies such as Adidas, Caterpillar, and Bayer. They certainly do not carelessly entrust their company’s compliance to incompetent parties.

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