Effective compliance program should have ability to monitor audit compliance in a 'real time manner'. To facilitate this, explain the role of Information Technology in compliance management.

Role of Information Technology in Compliance Management Systems A critical component of an effective compliance program is the ability to monitor and audit compliance in a 'real time manner.' Yet, as companies cross geographical and industry boundaries, it is becoming harder to perform this role in the traditional manner. As a result, companies are increasingly seeking technology solutions. Information Technology can play an effective role in implementation of a Corporate Compliance Management Programme across various departments of an organization in terms of real-time compliance reminders, generation of reports, sending warning signals, generation of compliance calendar etc. Many companies are introducing comprehensive web-based compliance systems that links various offices/units for better co-ordination and continued compliance. Companies prefer to introduce full-fledged compliance management systems for smooth compliance of multiple laws. Web-based compliance software are available industry-wise and tailormade compliance software can also be made according to company specifications which has to be updated on continuous basis.