As the cost of operating a business continues to rise both in Australia and globally – new locally-developed real-time compliance monitoring technology is offering companies the opportunity to streamline their processes, and potentially reduce both cost and risk.
What is the market offering of Cited?
CEO at Know Your People software firm CVCheck, Michael Ivanchenko says while the digital platform, known as Cited, was borne out of a direct need from within the resources industry, it’s the kind of solution the health, aged-care and HR sectors are also crying out for.
“Whether it’s on-site inductions within the company, Government-mandated vaccinations, or industry specific certifications, all your workers across all your locations can be monitored in one place quickly, and easily. Cited is an absolute game-changer in that it allows a company to see in real-time which of your employees need to take action, and when, to remain up-to-date. It creates one single source of truth and removes any margin for error,” said Michael.
Increased regulation across a range of industries is resulting in growing compliance costs through personnel time and wages, duplication of effort, software and equipment needs.
The cost of non-compliance is even higher. In the US for example, $4bn in non-compliance related fines was collected by the SEC and Financial Industry Regulatory Authority in 2021 alone. But Mr Ivanchenko says there’s also another cost, beyond the financial burden.
“Being non-compliant risks your very company in terms of reputation, ability to secure future business, and in some cases, there’s the possibility of jail. It’s a risk companies shouldn’t be taking, yet some businesses are inadvertently exposing themselves to penalty, simply because keeping track of the various regulations and requirements is a complex process.”
What can Cited software do for businesses?
Cited software can potentially create cost efficiencies for business;
Reduce Administration
Constantly having to check whether credentials are up to date is time consuming and costly. The compliance monitoring software sends out real-time alerts, reducing duplication of effort and cross-checking requirements, freeing up admin staff to take on other tasks.
Digital Credentials Passport so Employees Can Start Work Sooner
CVCheck also provides OnCite, a free mobile app available to any organisation worker. OnCite links seamlessly to Cited to create a real-time, secure, digital credentials passport that allows employees to have their data available at all times, and can easily transfer required information to a future employer if they’re using the same system.
Streamline Auditing and Investigations
With all documentation in the one place, and the ability to check compliance details at any time, generating reports for auditing and investigation purposes is time-efficient and simple.
Supports ‘Know Your People’ Initiatives
Companies can manage much more than just certification – it can assist with well-being and personal safety of staff, allowing companies to truly know their employees and contractors.
Tailored to Individual Requirements
Companies can add and remove credential checks as required. New on-site inductions or changes to regulations can be added immediately, and workers’ updates can be seen in real-time, reducing the potential for downtime while checks are carried out.
Offline Access
Once credentials are onboarded, details can be accessed even when offline, including in remote areas and during times of WiFi outage, which reduces the potential for downtime.
Mr Ivanchenko says privacy concerns have also been considered, with the employee remaining the owner of all data, at all times. “We’ve enabled the workforce to control their interaction in that they can upload as much or as little as they’re comfortable with and can delete information at any time. We have created a digital tool that is as of much value to the employee as it is to the company. Everybody stands to win,” Ivanchenko further said.
