2010 GRC Wish List: #10 Increased Agility
John Kelly 270004J7VQ firstname.lastname@example.org | | 0 Comments | 705 Visits
Rounding out the 2010 GRC Wish List at #10 is “Increased Agility to Respond to New/Changes in Regulations.” While there’s a lot of talk about regulatory reform, and Gordon Burnes noted that “Regulatory Clarity” was #1 on the 2010 GRC Wish List, we may be getting closer to actual regulation this year.
President Obama, in his first State of the Union address, called for “serious financial reform.” He stated, “We can’t allow financial institutions, including those that take your deposits, to take risks that threaten the whole economy. Now, the House has already passed financial reform with many of these changes. And the lobbyists are trying to kill it. But we cannot let them win this fight. And if the bill that ends up on my desk does not meet the test of real reform, I will send it back until we get it right. We’ve got to get it right.”
As regulatory pressures continue to mount, and given that the regulatory environment will only increase in complexity, businesses that take a more practical, cross-regulatory approach to managing compliance will alleviate increasing cost and complexity while gaining valuable insight into risks to key business processes that could affect corporate performance in the form of legal action, fines and penalties or damage to company reputation.
This is where the need for “Increased Agility” comes in. Your risk and compliance processes will evolve over time to meet these changing business and regulatory requirements. Your GRC solution needs to be flexible and allow you to quickly adapt your risk and compliance management framework to meet changing requirements, while minimizing the impact on your business operations. Be careful of solutions that either force you to change your processes or develop custom extensions to the software to meet new regulations or requirements. Changes to your methodology due to an inflexible technology solution will negatively affect your ability to incorporate integrated risk management into your business operations.
Tags: 2010 GRC Wish List