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As government regulations and industry standards become increasingly stringent, many firms — particularly professional services firms — are under pressure to ensure they are operating in a compliant and legal manner. Failure to adhere to these regulations and requirements can have serious consequences for the company, including hefty fines, negative public perception, legal action and business disruption.
Historically, compliance and risk management were a manual process where teams meticulously tracked, updated and verified compliance metrics and standards. Unfortunately, the margin for human error is enormous and could leave the company open to significant risk. The solution lies in workflow automation systems.
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