For those working in highly regulated industries, such as financial services, office inspections are part-and-parcel to ongoing compliance efforts. As the nature of work has changed post-pandemic to accommodate remote work/work-from-home/teleworking, regulations surrounding how these inspections must be completed have also evolved. However, your company need not be 100% remote to take advantage of the benefits remote office inspections deliver. Here are three reasons why you should conduct your next office inspection remotely.
1) Cost Savings
Unless the office you’re inspecting is your own, travel is necessary to conduct an on-site inspection. Between airfare/transportation, meals, lodging and other associated costs, travel is rarely cheap, but current recession concerns only fuel the fire. The consumer price index for airfare increased 25% last year, outpacing the 8% increase in the overall Consumer Price Index. Even if driving is an option, rising gas prices have also significantly increased the cost of this mode of transportation, and the recent chip shortage has impacted the rental car industry in addition to new car sales/production. Given the current economic climate, chances are expense management is at the top of your list of concerns for 2023. Remote office inspections require zero travel, making them a budget-friendly option for maintaining compliance with regulations from entities such as the Financial Industry Regulatory Authority (FINRA) or the Department of Housing and Urban Development (HUD).
While airline ticket costs have skyrocketed, the same cannot be said for the convenience of air travel. Last year, more than 144,000 flights were canceled, as compared to roughly 86,000 in 2021. Of course, travel delays aren’t the only challenge to efficiency and productivity regarding office inspections. Even with guidelines and procedures in place to govern office inspections, the execution is ultimately left to an individual. As a result, inspections can easily get bogged down or derailed based on the inherent subjectivity of a manual process. Remote office inspections are far more systematized, ensuring both consistency and efficiency in execution. Furthermore, scheduling becomes far more manageable, as remote inspections give participants more freedom to choose when to conduct inspections.
The other major downfall of any manually-driven process is inaccuracy. Human error is inevitable, yet something companies can ill afford when it comes to compliance. The technology used to power remote office inspections eliminates this potential by standardizing and systematizing the inspection process, thus ensuring the completion of all required aspects of the inspection and eliminating bias from the process.
While not every company may be ready to take their workforce fully (or even partially) remote, moving the office inspection process to a virtual format can easily deliver both time and cost savings while helping companies ensure compliance with regulatory requirements.
Ready to take your office inspections online? Learn more about ActiveComply’s Remote Office Inspection Platform.