Compliance Automation Software
Having an effective licensing compliance strategy is essential for any mid- to large-sized business operating in the United States. A Vice President of Human Resources must understand the process of selecting an appropriate software license compliance management solution, to ensure the business is able to remain compliant with current regulations.
Step 1 – Identify Current License Agreements: Before selecting a software license compliance management tool, it is necessary to understand any existing license agreements in place. This includes details of any license terms and any applicable renewal arrangements. Assessing the current license agreements is especially important if the business is looking to modify or supplement an existing agreement with new agreements or software.
Step 2 – Determine License Requirements: From the analysis of the license agreements, it is essential to determine the requirements of each license. This information should include the software vendor’s license, any independent software vendor (ISV) license, and any open source software license. With this knowledge it is then possible to gain a better understanding of the associated risks, so the business can minimize their exposure to potential compliance issues.
Step 3 – Evaluate Tool Options: With the requirements detailed, the next step is to evaluation the available options for compliance software. Companies must ensure the software solution is up to date and tailored to their specific licensing needs. It is important that all stakeholders have input into this process, to ensure the chosen software is suitable for the overall goals and objectives of the business.
Step 4 – Reviews Compliance Status and Reports: After the software has been implemented, the business must ensure they have a clear understanding of their current compliance status. This helps to identify areas where the organization may be at risk of non-compliance, or tracks those areas already found to be compliant. Research may be necessary in order to assess the company’s current position in this regard, with audit and compliance reporting used to provide a comprehensive overview of any non-compliance issues.
Step 5 – Perform Periodic Reviews: It is vital to review the compliance processes and procedures on a regular basis, as licenses can change and evolve over time. The business should take a pro-active approach to this and perform periodic reviews to identify any changes that should be made to the monitoring and reporting software to ensure compliance.
By taking the time to understand the strategy for software license compliance management, the VP of Human Resources can help their organization remain compliant with all applicable licenses. Selecting the right software and implementing a comprehensive monitoring system will ensure the organization is able to remain compliant, while also minimizing their risks of costly non-compliance.