Perhaps you already have an HCM solution in place and are doing an annual review of your requirements. Or, perhaps you’re in the midst of evaluating a new solution. Ensuring that you include a review of the solution’s capabilities to meet your organization’s compliance and audit requirements is a must. Your chosen solution should help your organization to enable compliance, mitigate compliant risks, and support the ability to perform data audits to meet your compliance standards.
How do compliance requirements vary?
If you have never reviewed compliance requirements then it is important to keep in mind that these vary among organizations and are dependent upon a variety of factors. Examples of these factors, which govern the depth to which compliance and audit requirements need to be addressed, include:
Here is a list of Compliance and Audit requirements for HR/Payroll and Reporting that you should use to ensure your organization is covered from all legal stand points:
HR and Payroll Legislation audit requirements:
You have a list of audit requirements now what?
You should work closely with your own I.T. and Finance Department, inquire with your vendor as to the extent of their technical standards, compliance and audit provisions, and security. Items of interest to cover in your detailed review should include:
Organizations which select and implement solutions which do not comply with their own organizational standards, or those of the governing bodies within their obligation, may be the focus of unwanted challenges that include, for example:
The compliance and audit-related requirements will vary among organizations. While the list of compliance items above is not exhaustive, and although not all of these may apply to your organization specifically, ensure that a comprehensive review of compliance and audit requirements is not glossed over within your HCM solution review process.
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