NAVEX, a global leader in integrated risk and compliance management software, has announced the launch of a new suite of solutions aimed at assisting small and medium-sized businesses (SMBs) in establishing and scaling their governance, risk, and compliance (GRC) programs. This initiative responds to the heightened regulatory scrutiny SMBs face, especially when pursuing partnerships with larger enterprises or exploring growth opportunities like mergers and acquisitions.
With a client base of over 6,000 SMBs worldwide, NAVEX has utilized its deep industry expertise to tackle the unique compliance challenges these businesses encounter. A.G. Lambert, NAVEX Chief Product Officer, pointed out the complexities of global regulations for SMBs, using the EU Whistleblower Protection Directive as a prime example. In response, NAVEX has developed solutions such as WhistleB, which simplifies report intake, reporting, and case resolution, offering SMBs compliant and user-friendly options.
The timing of NAVEX's focus on SMBs is critical, as recent research by the company shows that 42% of risk and compliance professionals in SMBs juggle responsibilities beyond compliance. This finding highlights the often reactive stance SMBs take towards risk and compliance, attributed 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.
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. The platform ensures that whistleblower reports are handled in line with legal requirements, offering features like secure report intake, compliant incident management, and guaranteed confidentiality to foster trust in speak-up programs.
Beyond whistleblowing, NAVEX's comprehensive suite includes tools for compliance training, policy management, and procedures, aiding SMBs in cultivating risk-aware cultures. These resources are designed not just for regulatory adherence but also to enhance employee engagement in compliance efforts.
For SMBs eager to bolster their compliance frameworks, NAVEX has made its WhistleB system available for online purchase. The company also provides a wealth of resources, including guides on SMB compliance, insights into cybersecurity risks, and an overview of the 2024 State of SMB compliance, to assist businesses in navigating the complexities of modern regulatory environments.
As regulations grow more intricate, NAVEX's targeted solutions for SMBs mark a pivotal advancement in the GRC sector. By offering scalable, comprehensive, and accessible compliance tools, NAVEX is equipping smaller businesses to meet contemporary regulatory challenges head-on, ensuring their readiness for sustainable growth in an increasingly regulated business landscape.
