...
Search

Governance, Risk and Compliance

Securing your system with SYSPRO ERP

SYSPRO ERP provides centralised regulatory compliance and reporting

The big drive for implementing an Enterprise Resource Planning (ERP) system is its centralised functionality — a shared database that supports multiple functions and is used by many different business units. Most companies store highly sensitive data on their ERP systems including financial results, manufacturing secrets, and bank details which help the business manage customers, employees, and suppliers. Also, companies need their ERPs to function on the factory floor, in the distribution centre and across their retail outlets. That’s why you need to enforce compliance with both regulatory and ethical standards for your industry – and why many manufacturers and distributors are turning to corporate governance, risk and compliance (GRC) solutions.

Integration of GRC with your Enterprise Resource Planning (ERP) platform makes the process of regulatory compliance and reporting so much simpler – and safer. Instead of a siloed approach, consider unifying strategy, risk, performance and sustainability under one umbrella. Learn how SYSPRO can help you align your strategy and business processes, identify issues and resolve them quickly.

If you are a manufacturing business, consider the key ERP areas that you need in-depth governance and compliance

As a system administrator, you secure your system by only allowing people with the right credentials and authority to log in. Authenticating people to computers and software requires validating the identity of a registered user attempting to access an application.

  • Multi-factor Authentication – Multi-factor authentication process identifies a user by validating two or more authentication methods from independent credential categories. A user is granted access after successfully presenting two or more items of evidence to the authentication mechanism. Common mechanisms are a one-time password sent via email or Google authentication.
  • Single Sign-on – Another option is single sign-on, which provides a single set of login credentials and allows login using Microsoft Active Directory (AD). The need for users to remember a unique complex password is eliminated.

As the business world becomes more digitalized, companies can engage with suppliers online, minimizing document handling and reducing potential fraud.

  • Supplier Web Portal – With an online web portal, a business can post requests for quotes and invite suppliers to tender. The procurement process is more transparent, and it assists with standardized policies.
  • Simplifying Manufacturing with Traceable Inventory 

If organization can track the utilization of products and their components in production, this can result in improvements in governance and compliance in the manufacturing process.

For inventory management, businesses need to track items, so they know that the items were stored in the correct place and under the right conditions. Traceability will also allow you to retrieve sub-standard stock and report when items have passed their expiry date.

Manufacturers are increasingly becoming subject to the impact of product recalls, whether it directly affects the business, or there is an issue with a downstream customer. If it occurs, the business requires fully compliant processes that can manage recall policies and plans.

Mock recalls – The way an organization evaluates and updates its recall system is by testing it through practicing mock recalls. Mock recalls allow you to test and report on the organization’s ability to achieve time to completion and lets you confirm that your traceability system meets regulatory requirements in the event of an actual recall. Governance will be improved, and are required to satisfy regulators, and ensure standards of quality control are maintained. 

6 reasons to connect governance, risk and compliance (GRC) with ERP

Here are just a few of the ways manufacturers and distributors can improve visibility, manage risks and meet compliance demands with the help of ERP software.
Tax Compliance

An ERP solution like SYSPRO can help you manage your taxes and withholdings more efficiently. The cross-module tax-return functionality facilitates easy tax compliance globally, including VAT and GST tax systems used in the world’s major economies.

Financial Reporting

SYSPRO ERP makes it easier for your finance department to support GAAP, International Financial Reporting Standards (IFRS) and local regulations around the world.
SYSPRO ERP Software features business analytics tools that provide the transparency you need for optimal governance. With true visibility across the organization and access to information in real time, you can conduct audits, identify non-conformance and then take preventive actions.

Sustainability and Value Creation

For companies looking to meet objectives related to social and environmental value creation, not just financial performance, it’s key to have data visibility across your operations. With SYSPRO ERP Software you can also relate data from various areas of the business to report on how the company is performing against objectives such as sustainability or eco-friendly purchasing practices.

Custom Protections and Audit Trails

New financial regulations demand that you ensure the integrity of your financial reporting with appropriate controls and auditability. Defining each employee’s roles in the process – and knowing what they can access – makes it easier to manage risk. With SYSPRO, you can integrate e-signatures and custom role-based permissions, even down to the transaction and field level. This protects your data and gives you the audit trail you need for compliance with regulations like Sarbanes-Oxley and the FDA 21 CFR Part 11.

Traceability

Many regulatory bodies like the U.S. FDA require businesses to track products at the ingredient level so they can manage recalls. Electronics and medical device manufacturers, for example, need lot traceability to manage product components. SYSPRO ERP Software provides full forward and backward traceability, and you can connect it with CRM so you can contact customers and suppliers as needed based on purchase history. By creating documentation automatically, you can also reduce compliance costs.

Business Process Automation and Modeling

Optimal governance, risk and compliance demands transparency when it comes to your business processes. And, the more you automate workflow for routine tasks, the more confident you can be that your business is successfully meeting compliance requirements.

SYSPRO ERP Software enables you to model and document all of your key processes, and then once you have visibility into your operations, you can identify ways to streamline and increase the throughput of information automatically. This not only drives efficiency, but it also gives you a complete audit trail on what actions happened, when.

More about SYSPRO's governance, risk and compliance
Get resources and insights into your industry and how our technology can enable you to disrupt your business and focus on business growth.

10 Ways to Balance Your Procurement Strategy in an Uncertain World

Although a standalone program assists in managing purchasing with greater efficiency, it lacks the mission-critical quality of integration into the rest of the company’s and supplier’s systems. This is where the real advantage of an ERP solution with built-in procurement capability lies.

How to Manage Traceability and Product Recalls

Navigating the complexity of a recall becomes simple when you’re able to act quickly. Download the brochure to get practical ways to implement an effective traceability system and a proper crisis management plan.

How SYSPRO Safeguards your ERP Investment

If you are wondering whether such a sizeable outlay in time, money and resources will contribute meaningfully to your company’s success, find out how you can make sure your ERP investment pays off.

Lets work together to create positive change in your business

Get in touch to find out how SYSPRO can assist you and your business today