Risk & Compliance oversight has grown significantly following the financial crisis, fueled by regulators, rating agencies, policyholders and shareholders alike. Many large enterprises, faced with increasing competitive and regulatory pressures in difficult economic conditions, are turning towards technology solutions for Governance, Risk and Compliance to help address these challenges and satisfy management needs.
The compliance technology solutions capabilities have evolved significantly over the past few years, and as such large enterprises are no longer treating these solutions solely as an additional layer of expense, embracing these solutions as an attractive investment. They help to create business value by improving risk and compliance intelligence throughout the organization and driving cost savings through greater efficiencies.
In most companies the initial stage of setting up corporate governance begins with compliance, internal audit and legal expertise. New rules and responsibilities have been imposed on senior management and boards of directors, resulting in higher costs, resource constraints and even questions about whether these new regulations are really cost effective.
However, leading companies are beginning to use software solutions as a strategic tool that will help manage the risk and compliance information. This requires a synthesis of laws, regulations, internal risk controls and compliance controls.
THE 4 STAGES OF COMPLIANCE EVERY COMPANY MUST FOLLOW
- COMPLIANCE AND GOVERNANCE: What are the specific risks, regulations, and laws that apply to my company?
- IMPACT ASSESSMENT & REPORTING OBLIGATIONS: What are the possible financial, reputational impacts and what are the reporting obligations?
- SOLUTION OPTIONS: What options can address these issues? What solution is right for my company?
- IMPLEMENTATION & EXECUTION STRATEGY: How do I take action? What are the pitfalls? What solutions can help?
THE REQUIREMENTONE APPROACH
A major work in progress for large enterprises, as well as for other corporations, is a robust way to qualify, quantify and manage compliance and operational risk. The RequirementONE enterprise solution provides a centralized, access-controlled environment for creating and storing all your compliance controls, policies and procedures that are mapped to industry frameworks, legislation and regulations. RequirementONE help operationalize compliance in a way that fosters industry best practices while preserving an audit log of changes and approvals.
HOW OUR SOLUTION DIFFERENTIATES
1. COMPLIANCE AND GOVERNANCE
What are the specific risks, regulations, and laws that apply to my company? RequirementONE leverages a knowledge base of lessons learned from previous engagements and industry-leading practices and tailors a custom approach to your organization. This takes account of your culture, the sensitivity of your business to the external environment, integration of multiple industry frameworks and decision-making requirements, complexity of processes and your desired maturity of underlying compliance management capabilities.
2. IMPACT ASSESSMENT & REPORTING
What are the possible financial, reputational impacts and what are the reporting obligations? In order to avoid a trap, one must first be aware of its existence. RequirementONE leverages deep industry expertise to help companies identify and avoid pathways which may run foul of regulators. Determining the correct level of reporting transparency for both internal and external compliance is as important. Reports that are too high-level risk missing legitimate red flags. Conversely, reports that are too intrusive impact processes and lead to false positives. RequirementONE helps each company determine the proper balance for their specific Risk Profile.
3. SOLUTION OPTIONS
What options can address these issues? What solution is right for my company? Addressing these risks is an undertaking with exceptionally high stakes. A haphazard approach to addressing regulations can severely impact a company just as surely as a reputational hit can drive its valued customers away. In managing either regulatory or reputational risk, adherence to “Industry Best Practice” is an absolute must in order to avoid accusations of negligence. RequirementONE is a solution that puts your company’s risk process on a safe and guided path to “Industry Best Practice”.4. IMPLEMENTATION & EXECUTION STRATEGY
How do I take action? What are the pitfalls? What solutions can help? Once the decision on the proper course of action has been made, an implementation and execution strategy is critical to delivering success. As any doctor will tell you, diagnosing the malady is only half of the job. Flawless implementation of a modern, approved, holistic treatment is also necessary to cure the patient. RequirementONE gives peace of mind by providing a guided path throughout the entire process.
The next step is for your company stakeholders to examine whether a software solution can be used as a strategic tool to help manage the risk and compliance issues that impact your company.
RequirementONE stand ready to discuss how a software solution can ease the burden of balancing laws, regulations, internal risk controls, and compliance controls with daily operation.