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Benefits

Costs And Risks Of Non-Compliance

The COMPLEXITY of compliance

According to the Deloitte report “Get out of your own way. Unleashing Productivity”, Nov 2014, “we don’t even know how many government bodies there are that can set rules in the first place, let alone the number of rules those agencies have laid down…….Yes, that’s right – we can’t even count the rule-makers, let alone the rules.

Strytex reduces the complexity by creating a Managed Intelligent Single Source of Truth (MISSOT) for each business to help them keep track of their hundreds or thousands of compliance documents.

The COST of compliance

Compliance is a costly, mindnumbing, never-ending, soul-destroying task. It’s generally spread out piecemeal across an organisation, so no one really knows how much it costs.

Deloitte Access Economics estimates that rules and regulations cost Australia $249 billion per year, every year, of which, 20% is spent on administrative costs. According to the Deloitte report, “Get out of your own way”, Nov 2014, compliance administration has got so out of control that

  • 1 in 11, or 9% of employed Australians now works in the compliance sector,
  • Employees spend 8 weeks in every year administering and complying to compliance rules
  • Senior executives and middle managers spend 8h54 mins every week complying with corporate rules they have set for themselves. Other employees spend 6hrs 36 mins every week on the same.

So we have highly skilled (expensive) managers across Finance, Legal, Accounting, HR, WHS, Facilities, Contracts, IT, Food Safety wasting eight valuable weeks a year time on mundane, administrative tasks. Imagine the benefit if they were spending those eight weeks a year on strategic and operational issues.

Working with Deloitte we calculated that Compliance Administration costs each business 6.24% of employee expenses, or if you manage a small team 12.5% of total salaries. Yes, all that time and money is spent on paperwork!

By outsourcing to Strytex, a central Business Process as a Service (BPaaS), you can significantly reduce your cost of compliance administration. Strytex reduces the cost by focussing on the low-level administrative tasks and doing them very efficiently.

The RISK of non-compliance

Through no fault of their own, most small, medium and even some large organisations can’t afford specialist compliance managers across all the main area of compliance, namely, WHS, food safety, facility management, purchasing, supply chain, IT etc. Now, if there is an event with a failure to comply with WHS legislation, senior managers, the Persons Conducting a Business or Undertaking (PCBU) may be prosecuted even if no-one is injured.  

More often than not, non-specialist business managers and office managers are put in charge of compliance. Not only are these managers not formally trained in all areas of compliance, it’s very difficult for them to keep up to date, which is no easy task. These business and office managers often wear multiple hats so compliance (complex and costly) comes last or is ignored until it’s too late. This double whammy of over-regulation and lack of training puts the vast majority of small, medium and even large organisations at risk. With non-compliant suppliers and contractors, reputational and brand risk is also a factor.

The Business Council estimates Australia has “well over half a million pages of regulation”, but no-one knows just how many individual rules that really means. In fact, we don’t even know how many government bodies there are that can set rules in the first place, let alone the number of rules those agencies have laid down. Yes, that’s right – we can’t even count the rule-makers, let alone the rules! and that’s just part of the problem. According to Deloitte, government, be it federal, state or local, only accounts for 37% of the rules. The vast majority of the rules are self-inflicted! Industries and organisations are creating the policies and rules that are causing most of the red tape!

Strytex reduces risk by sharing practical information to help keep business managers up to date.

The Benefits Of BPaaS (Business Process As A Service)

Focus on core competencies

Focus on core competencies

Compliance administration is not your core business. It is our core business, so we can do it faster cheaper and more accurately.
No lock in contracts

No lock in contracts

BPaaS is a monthly subscription so no 5 year lock in contracts.
No software development costs

No software development costs

The software platform is part of the BPaaS so no large up front development costs.
Elimination of persistent errors

Elimination of persistent errors

Because your staff are not loading compliance certificates all day, every day, mistakes are made. We’ve developed tools and techniques to eliminate persistent errors.
Reduced operational costs

Reduced operational costs

Many organisations ask highly trained senior staff to chase and load compliance certificates as party of their jobs. We use lower paid but highly skilled data entry staff.
No software support costs

No software support costs

All software support costs are included in the monthly subscription fee and are spread across all Members.
Increased organisational flexibility

Increased organisational flexibility

Compliance administration is ‘lumpy’. The workload is not constant. We take responsibility for the peaks and troughs for you giving you more flexibility.

Benefits Of Strytex

By providing a centralised outsourced service, Strytex

  • Reduces cost by sharing the administrative costs.

    Instead of every organisation chasing the same documents across multiple suppliers and contractors, Strytex does it once for the whole industry.

  • Reduces risk by sharing information across job titles.

    When we hear of something new, a change in the regulation or come across a really good way of doing things, we share it across the industry.

We will save you time, money and sanity. Sit back, relax and let us do all the hard work. Simply give us your documents and rules. We set everything up and keep everything up to date so you don’t have to.

All you need to do is log in to the portal to see who or what is non-compliant and then drill down to see why they are non-compliant. Oh yes, we also send you a monthly report.

You get a service not a product

You get a service not a product

Strytex is a service with real people. We do all the administration work for you. So instead of spending 8 weeks a year on compliance. you can spend that time generating profit.
A secure, managed, single source of truth (MASSOT)

A secure, managed, single source of truth (MASSOT)

Depending on which modules you sign up to. Strytex provides you with a secure managed online document store for all your compliance documents.
Get rid of boring paperwork

Get rid of boring paperwork

You need to know is who. or what. is non compliant and why. We do the boring paperwork so you can sit back and relax.
Executive dashboard

Executive dashboard

Thought your online portal, get a full 360' view of all your compliance risks across your Staff, Facilities, Suppliers and Contractors.
100% supplier participation

100% supplier participation

It's free for suppliers so they will all sign up.
Breadth of documents

Breadth of documents

We can store any type of compliance pdf document. We don't care if it's a food safety document. a licence or an insurance certificate. we can cope.
You are in control

You are in control

Your organisation is unique. so set your own mandatory documentary requirements. Don't settle for industry requirements.
Document verification

Document verification

We verify documents are loaded correctly. i.e start dates, end dates etc.
As we grow larger and as governments and industries open up their databases. we will also develop automatic daily validation of licences. insurance etc.
Eliminate false positives

Eliminate false positives

We check 2nd level attributes. such as insured value. For instance if you require $10 million insurance. but a supplier only has $5 million dollars insurance. we record that supplier as non-compliant.
Benchmark reports

Benchmark reports

As we grow, we will be able to give you on insights about your industry.
Customise your own SDS and PDS sub-libraries

Customise your own SDS and PDS sub-libraries

All Members have access to the global datasheet library and can create their own customised sub-libraries.
Cloud benefits.

Cloud benefits.

We give you all the benefits of a cloud based solution. i.e access from anywhere through a web portal and Microsoft Azure dependability and security.
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