[Video] How to Use a Virtual Data Room for CompliancePosted on
While audits and regulatory requirements are different across countries and industries, the majority of compliance projects share a common workflow. In this quick overview video, we look at how a virtual data room helps you streamline that document-intensive workflow, no matter what regulatory requirement needs to be filled.
Whatever your industry, an audit or regulatory requirement is typically outlined as a checklist of items. This checklist is easily imported into the Firmex VDR using our Excel import. Each checklist item may be labeled as Required, Not Applicable, or Assigned to a team member or department.
Your team uploads supporting documents to each applicable checklist item. The audit team is notified as soon as documents are uploaded. Auditors may comment on documents, or ask questions, all within the secure VDR. Revised documents may be added as new versions using Firmex’s built-in versioning tool.
An audit can come at any time. By using a VDR to organize and prepare, you’ll always be ready and won’t be left scrambling. No more time wasted trying to track down required documents or scrolling through email messages to find the right version of a document. A VDR saves time, eliminates bottlenecks, and brings greater efficiency to your audit and compliance workflow.