These fines not only affect company profit but also have a major impact on the reputation of a company and its' ability to attract clients, customers and business partners.
While most companies will have policies in place to enforce adherence to Regulatory controls and laws it is impossible to guarantee against accidental or deliberate abuse.
Companies need to monitor how they are complying with regulation and to try and ensure they flag any potential issues that may cause them to contravene any regulations. These may apply across multiple geographies and differ from region to region.
CLIO can be used as part of the overall management layer of adherence to test and measure how adherence is being met, but also for when a contravention is discovered. It is how you respond to a contravention that could become critical to the outcome.
Having a policy driven automated response that brings together operational, Legal, PR and management, etc. to respond and take the necessary actions to minimise the fallout and damage that may arise from the contravention could mean avoiding or limiting fines. It can also help manage information release to the Press and allow you to guide the "story" rather than have to chase it.
Every action, communication and team interaction undertaken is stored securely within CLIO and is incorruptible. Therefore, it can be audited later and used evidentially if required. It will show who knew what and when and also what was done. This is invaluable for demonstrating how you responded as a company and how your senior executive management team responded. This can then help to show your commitment to complying with regulatory controls and how you reacted responsibly.