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Innovation in the Digital Era
Innovation and technology regularly go hand-in-hand in an age where the faster, holistic, and more self-sufficient solution is constantly being sought.
The dynamic nature of technological innovation puts new, pioneering solutions within easier reach, allowing end users to build on workable foundations, access information readily and promoting the ideal of self-sufficiency.
Greg Chamberlin, Business Development: Compliance at LexisNexis, said innovation in the digital age has meant many positive changes for the legal and professional sectors in the form of simpler, more effective operations methods.
“Compliance management, like innovation, is a fluctuating practice and one that can seem daunting and difficult to maintain without assistance.
“Pioneering systems – such as Lexis® Assure and Lexis® GRC – are prime examples of how new technology built on existing fundamentals can make complex procedures, such as compliance, that much simpler to take care of,” he said.
The advantages of automated, digital systems are multi-faceted.
Aside from being time-saving and convenient, programmes such as Lexis Assure and Lexis GRC provide quick answers with substantial background information on which to base arguments and business positions. This is made possible by providing the most recent and up-to-date information in a particular industry – legal, corporate or otherwise.
Working via online features can also save costs for companies as third-party involvement and consultation processes are by-passed.
“The foundation of any business is built on the company’s ability to adhere to legalities and ensure all the necessary checkboxes are ticked. Staying ahead of the pack, growing as a company and minimising risk all rely on these being done timeously,” said Chamberlin.
Online systems aid in streamlining business, automatically documenting every change, addition and new concept. This removes the need for laborious filing and other processes for personnel, who are able to proceed with their daily targets.
Lexis Assure provides daily email alerts, analysis and compliance calendars which assist the user in keeping track of regulatory changes relevant to business. This online solution allows users immediate access to new developments in legislation, follows risk ratings and provides information on the penalties for non-compliance, laying out all the necessary information as and when it is required.
Lexis GRC is a comprehensive reputation protection solution and the governance, risk, and compliance software that executive boards can rely on. It offers a range of customisable modules that conserve resources, minimise risk, and guarantee continuous improvement, including Compliance Risk Management, HIRA, Incident Management, Auditing, Occupational Hygiene, Enterprise Risk Management, Legal Universe and Registers.
“Companies should have in place a well-coordinated compliance management system, which begins with identifying the acts and principles that apply to their organisation and keeping abreast of the updates and changes to these regulations so that they can identify threats before they impact their business,” said Chamberlin.
LexisNexis Legal & Professional is a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organizations to make informed decisions and achieve better business outcomes. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. Today, LexisNexis Legal & Professional harnesses leading-edge technology and world-class content to help professionals work in faster, easier and more effective ways. Through close collaboration with its customers, the company ensures organizations can leverage its solutions to reduce risk, improve productivity, increase profitability and grow their business. LexisNexis Legal & Professional, which serves customers in more than 175 countries with 10,000 employees worldwide, is part of RELX Group, a global provider of information and analytics for professional and business customers across industries.
In South Africa, the LexisNexis Legal Information and Compliance division combines the best of local knowledge in Butterworths with the innovative global technology in LexisNexis, with authoritative content available in print, online, mobile and eBook format. Through compliance management solutions such as Lexis Assure and Lexis GRC, LexisNexis offers clients a strategic approach to regulatory change management.
South African investment firm, Tsiya Group, chaired by Fani Titi, acquired a minority interest in LexisNexis South Africa in July 2012.