As the cost of doing business continues to rise both in Australia and globally – new locally-developed real-time compliance monitoring technology is offering aged care and healthcare-related companies the opportunity to streamline their processes, and potentially reduce both cost and risk.
Chief Executive Officer at Know Your People software company CVCheck, Michael Ivanchenko said 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 and aged-care sectors are also crying out for.
Michael Ivanchenko
“Whether it’s Government-mandated vaccinations, first aid qualifications or working with children checks, 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.”
Increased regulation across a range of industries is resulting in growing compliance costs through personnel time and wages, duplication of effort, software and technical equipment needs.
The cost of non-compliance is even higher.
In the US for example, US$4 billion in non-compliance related fines was collected by the Securities and Exchange Commission and Financial Industry Regulatory Authority in 2021 alone.
But according to Ivanchenko 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.”
As well as mitigating the risk of non-compliance, Cited software can potentially create cost efficiencies for business;
- Reduce Administration: Constantly having to check whether employee credentials are up to date is time consuming and costly. Once employee data is onboarded, 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.
- Streamline Auditing and Investigations: With all documentation in the one place, and the ability to check compliance details at any time in the past, generating reports for auditing and/or investigation purposes is time-efficient and simple.
- Digital Credentials Passport so Employees Can Start Work Sooner: CVCheck also provides OnCite, a free mobile app available to any 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.
- 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 employee credentials are onboarded, details can be accessed even when offline, including in remote areas and during times of internet/WiFi outage, which again reduces the potential for downtime.
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," said Ivanchenko.
“We’ve created a digital tool that is as of much value to the employee as it is to the company. Everybody stands to win.”
