Do you know what Sony, Home Depot, JPMorgan Chase, eBay and Target all have in common? Each one of these businesses have been added to the “Worst Data Breaches of All Time” list. Not to be outdone, major pharmaceutical companies have also shelled out an astronomical amount in record-setting fines for regulatory noncompliance in the last few years.

Compliance is a serious issue. In fact, the Brandon Hall Group recently published a 2014 report that revealed while most companies ranked compliance extremely important, less than half actually felt prepared for a compliance audit.

Compliance is expensive, but noncompliance can cost even more!

Implementing a 5-star standard operating procedure (SOP) management system can ease the fear of noncompliance and save your company’s reputation from being put on a dreaded ‘worst’ list. Unbeknownst to some, SharePoint is the real deal when it comes to a software platform that can manage even the toughest compliance requirements within highly regulated industries.

REASON #1 – SharePoint adheres to strict regulatory compliance requirements

Those in highly regulated industries are all too familiar with the specific requirements in regards to electronic records. What may not be as crystal clear is how SharePoint fits into these guidelines and what role it plays in compliance.

First off, SharePoint is a configurable application. Key SharePoint features demonstrating its alliance with tough regulatory standards include:

• Active directory integration – SharePoint integrates with active directory to ensure only authorized accounts can access the system.
• Prevention of unauthorized users – SharePoint prevents unauthorized users from getting into certain areas of the system where electronic records are created and maintained.
• Restricted access to system administration – For further safety, SharePoint can restrict the rights to the system administration by setting up security groups or permissions.
• Full protection of data records – SharePoint can protect data records from deletion and enable their accurate retrieval.

REASON #2 – Centralized SOP content management tightens up compliance loopholes

Research shows, on average, students forget 70 percent of what we teach within 24 hours of a training experience. With that said, it’s inevitable that they’ll have questions about a policy or need to reference a procedure.

With SharePoint, employees no longer have to search through email inbox folders or cluttered share drives for information. Everything is right at their fingertips and in one central location.

Key Benefits:

– Minimize errors by filing all SOPs under one roof to safeguard that only the most up-to-date version is available.
– Never misplace a document with SOPs stored in a centralized policy management system.
– Reduce email clutter and avoid confusion by sending links to SharePoint files instead of attachments so all parties are reading from the correct version of the SOP document.
– Find an SOP quickly with SharePoint’s advanced metadata search capabilities.

REASON #3 – Dot your I’s and cross your T’s with version control, workflows and auditing

Paying attention to detail is crucial when it comes to compliance. Companies that get called out on the table by regulators will have a little less to fear when their SOPs are managed in SharePoint. This is a result of thorough workflows, versioning and audits that ensure companies can pull whatever file they need, when they need it.

Key Benefits:

– Satisfy auditors and compliance officers with a single, easy to search database of policies and procedures. Meet regulations with all versions and records in one place.
– You always have a clear picture of how your documents evolved with versioning in SharePoint.
– Workflows make collaboration easy as pie. They can be utilized for new SOPs, versions, revisions, updates and retirement of the document.
– Maintain control with permissioned views of SOP documents.