Companies today are being forced to comply with an extensive set of regulations. One thing that you can count on in the fallout of the financial meltdown, is that regulatory pressures will continue to mount. And for large, multi-national organizations in heavily regulated verticals, the problem is further compounded. Businesses need to take a practical, cross-regulatory approach to managing compliance in order to alleviate the increasing burden while gaining insight into risks to key business processes that could affect overall corporate performance.
In a recent webinar, in which I had the privilege of co-presenting with Michael Rasmussen, president of Corporate Integrity and GRC advisor, Michael detailed several strategies that successful companies take to build an effective compliance program. Of particular note, he stated “A reactive and siloed approach to compliance is a recipe for disaster and leads to lack of visibility, wasted and/or inefficient use of resources, unnecessary complexity, lack of flexibility and vulnerability and exposure.
While compliance requires adherence to policies and a top-down driven culture, technology can play a critical role in effective compliance management through an integrated risk and compliance framework that enables business owners to document, assess, measure and test once; and then satisfy many stakeholders. This model leads to two main benefits:
1. Reduce cost and better efficiency
2. Improved effectiveness – in terms of better overall view of risk and compliance and the dependencies between them.
To find out how a Fortune 500 utility company leveraged technology to manage a massive compliance monitoring effort spanning multiple business units and areas of responsibility, check out the archived webinar or download the case study.