Organisations with large property portfolios, which by their nature are often spread over widespread geographic areas now face an increasingly tangled web of regulatory compliance, risk management, and governance challenges. The pressures to ensure the quality of property compliance efforts that are carried out and also to satisfy both clients and regulators that management can effectively manage risk, are driving executives to scrutinise how they manage their property risk and compliance efforts.
Historically, organisations have tackled these challenges in different ways. They have relied upon their functional business managers to monitor and manage risk and compliance at working levels of the organisation and to inform executives when they needed to get involved. While this may not have been the ‘best’ compliance approach, it may have succeeded in containing the growing cost of compliance. The trouble with this approach is an over-dependence on a small number of individuals rather than a more holistic, cross-organisation approach to compliance. Organisations are now finding that this historic approach is no longer desirable or indeed acceptable in today’s increasingly litigious environment.
Under law, such as the Corporate Manslaughter Act 2008 and with a higher level of regulatory monitoring, an organisation’s executive leadership is now expected to monitor and to have more current, ‘hands-on’ approach to managing compliance challenges directly.
The Frankham RMS Solution is a fundamentally different approach. From early on, Frankham Risk Management Services recognised the challenges facing organisations and that the use of technology could prove a key tool in risk and compliance management. So in conjunction with its sister company, CAMSoft, became the first SaaS (Software as a service) provider of property risk and compliance automation solutions.
Our software system is designed to serve as a one-stop method of managing all property risk and compliance activities within an organisation. It is designed to support all health and safety, environmental, risk and compliance areas. The system reflects and supports all applicable regulations and best practice in a simple, hierarchal manner and enables seamless, cross-regime controls.
The FRMS solution ensures:
- programmes of works are established.
- delegated to nominated individuals and reported on through clear automated feedback mechanisms.
- Audit trails can be established and real-time visibility of works being undertaken ensured, through easy-to-use dashboards, which are tailored to each compliance area. The overall result to senior management is complete access to critical information, in a quick, efficient and clear manner, to enable informed decisions to be made much more easily and ultimately significantly reduced exposure.