What is Regulatory Compliance and how can a computer program help? Compliance is really a comparison between what Should Be and What Is. When the two align nicely, we are compliant. When there is a big gap between what Should Be and What is, we’ve got some work to do. Tempest-GEMS has taken big steps into this world of compliance.
Procurement Policy Compliance
Procurement policy for states, counties, municipalities, and any other organization that receive federal grants must follow the rules in 2CFR200. Tempest-GEMS has a self-assessment tool that aid folks in evaluating their own procurement policy.
Contract Procurement Compliance
For each step in the federally mandated procurement process, there exists a document that demonstrates that the step was completed. Compliance is not as simple as a checking a box, but when you upload a Request for Proposal (RFP), a point is scored in your favor. Another is earned when a bidding matrix is uploaded.
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At the completion of a contract procurement cycle, print the scoring report. This will take the guess work out of the auditor’s hands. The report says: I followed the steps and Tempest-GEMS has the proof.
Financial compliance has several key components:
- Providing supporting documents
- Preventing duplicate costs
When expenses are entered, Tempest-GEMS expect you to upload a document or two. The best way is to scan the invoice and check into a PDF, then during data entry, upload it. Let Tempest-GEMS stamp the document. It will then be permanently part of your grant.
Even in the display of Financial Transactions, you can see that an invoice has been Paid (1) and that the invoice has been uploaded (2).
Now with Tempest-GEMS, we have an Review module to assist in avoiding errors.
Document compliance is again a comparison between what is expected and what you have. We use a Virtual Binder to identify the gold standard for what is expected. With a variety of reports such as the Document List Contents Report, you can clearly see what is present and what is missing.