NAVEX, a global leader in integrated risk and compliance management software, has unveiled a suite of solutions tailored to help small and medium-sized businesses (SMBs) establish and scale their governance, risk, and compliance (GRC) programs. This move comes as SMBs face increasing regulatory scrutiny and pressure to adhere to complex compliance standards, particularly as they seek partnerships with larger enterprises or consider future growth opportunities such as mergers and acquisitions.
With over 6,000 SMB clients worldwide, NAVEX has leveraged its extensive experience to address the specific challenges these businesses encounter in the realm of compliance. A.G. Lambert, NAVEX Chief Product Officer, highlighted the daunting nature of global regulations for smaller businesses, citing the EU Whistleblower Protection Directive as an example. To meet these challenges, NAVEX has developed solutions like WhistleB, which offers essential features such as report intake, streamlined reporting, and case resolution, providing SMBs with user-friendly and fully compliant options.
The company’s focus on SMBs is particularly timely, as research conducted by NAVEX reveals that 42% of risk and compliance professionals in small and medium-sized businesses have responsibilities outside of compliance. This statistic underscores the reactive approach many SMBs take towards risk and compliance due to perceived complexity and lack of dedicated resources. However, NAVEX emphasizes that overlooking compliance can result in significant consequences, including fines, reputational damage, and lost business opportunities.
To address the specific requirements of EU whistleblowing regulations, which mandate that all EU businesses with 50 or more employees provide a confidential speak-up channel, NAVEX offers its WhistleB solution. This smart and simple platform ensures that whistleblower reports are managed in accordance with legal obligations, providing peace of mind for businesses. Key features of NAVEX WhistleB include fast and secure report intake, clear and compliant incident management processes, and assured confidentiality to build trust in speak-up programs.
Beyond whistleblowing solutions, NAVEX provides a comprehensive suite of tools designed to help SMBs build future-ready, risk-aware corporate cultures. These offerings span compliance training, policy management, and procedures, empowering businesses to establish GRC programs that not only comply with regulations but also strengthen employee participation.
For SMBs looking to enhance their compliance efforts, NAVEX has made its WhistleB whistleblowing system available for online purchase. Additionally, the company offers a range of resources to guide SMBs in managing compliance effectively, including a Guide to SMB compliance, insights on understanding evolving cybersecurity risks, and an overview of the 2024 State of SMB compliance.
As regulatory environments continue to evolve and become more complex, NAVEX’s targeted solutions for SMBs represent a significant development in the GRC landscape. By providing accessible, scalable, and comprehensive compliance tools, NAVEX aims to empower smaller businesses to navigate the challenges of modern regulatory requirements while positioning themselves for sustainable growth and success in an increasingly scrutinized business environment.
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