NAVEX, a global leader in integrated risk and compliance management software, has announced the release of a suite of solutions specifically designed for small and medium-sized businesses (SMBs). These solutions aim to assist SMBs in establishing and scaling their governance, risk, and compliance (GRC) programs amidst growing regulatory pressures and the need to adhere to complex compliance standards. The initiative is particularly relevant as SMBs increasingly seek partnerships with larger enterprises or explore growth opportunities like mergers and acquisitions.
With a client base of over 6,000 SMBs worldwide, NAVEX has utilized its vast experience to tackle the unique compliance challenges these businesses face. A.G. Lambert, NAVEX Chief Product Officer, pointed out the overwhelming nature of global regulations for smaller businesses, using the EU Whistleblower Protection Directive as an example. In response, NAVEX has developed solutions such as WhistleB, which provides essential functionalities like report intake, streamlined reporting, and case resolution, offering SMBs compliant and user-friendly options.
The timing of NAVEX's focus on SMBs is critical, as their research indicates that 42% of risk and compliance professionals in SMBs juggle responsibilities beyond compliance. This highlights a reactive stance towards risk and compliance in many SMBs, often due to the perceived complexity and scarcity of dedicated resources. NAVEX warns that neglecting compliance can lead to severe repercussions, including financial penalties, damage to reputation, and missed business opportunities.
For SMBs needing to comply with EU whistleblowing regulations, which require businesses with 50 or more employees to offer a confidential reporting channel, NAVEX's WhistleB solution stands out. This platform ensures that whistleblower reports are handled in line with legal requirements, offering businesses reassurance. Features of NAVEX WhistleB include efficient and secure report intake, straightforward and compliant incident management, and guaranteed confidentiality to foster trust in reporting mechanisms.
Beyond whistleblowing, NAVEX offers a comprehensive set of tools aimed at helping SMBs cultivate risk-aware corporate cultures. These tools cover compliance training, policy management, and procedural guidance, enabling businesses to develop GRC programs that not only meet regulatory standards but also encourage employee engagement.
For SMBs eager to bolster their compliance strategies, NAVEX has made its WhistleB whistleblowing system available for purchase online. The company also provides a variety of resources to aid SMBs in effective compliance management, including a Guide to SMB compliance, insights on understanding evolving cybersecurity risks, and an overview of the 2024 State of SMB compliance.
As regulatory frameworks become more intricate and demanding, NAVEX's specialized solutions for SMBs mark a pivotal advancement in the GRC sector. By delivering accessible, scalable, and thorough compliance tools, NAVEX seeks to equip smaller businesses with the means to tackle modern regulatory challenges, paving the way for enduring success in a business landscape under increasing scrutiny.
