Using Regulatory Compliance for Effective Risk Management

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How can companies use the increasing demands for legislative and regulatory compliance to supply benefit? Whilst good governance, effective risk management and compliance management are undoubtedly a challenge for several businesses and may be viewed as onerous they will even be viewed during a more attractive light as a catalyst for change. If embraced correctly they will help organizations achieve greatly improved business performance successively creating increased shareholder value.

Today there are many legislative, regulatory and best-practice standards affecting organizations and therefore the number and complexity of those requirements is forecast to extend . From our perspective it’s essential that organizations invest in GRC compliance management systems to supply a framework and gear for managing all the wants of the regulations. Organizations need a system which can make sure that they both suits the newest standards and may easily incorporate new demands at any time. Leading business analysts recommend one integrated GRC system approach, to assist simple management and reduce costs.

The leading GRC management solutions should be ready to addresses the business-critical issues, forming the inspiration for one corporate wide unified GRC platform. like all software different applications will have their strengths. Some are going to be very industry specific others are going to be more flexible and supply the functionality to hide multiple compliance areas, including Sarbanes-Oxley, ISO 9000:2000, ISO 14000 and ISO 18000, Life Sciences, IS0 27001 and multiple industry specific compliance requirements.

The key benefits a Governance Risk and Compliance Management system should deliver are:
Consistency delivered across the enterprise, by using Document Management for the enterprise wide output of data including everyday email systems ensuring enterprise wide adoption and adherence.

Sustainability, by offering organizations the framework to manage changes and new requirements as they occur, be they organizational changes, like acquisitions or entry into new markets; or GRC management changes, like new or amended legislation and standards.
Efficiency by supporting efficient allocation of resources, as highest cost and risk areas are identified.

Accountability ensuring that corrective and preventative actions are managed and recorded throughout defined processes.

When selecting a GRC software solution search for the subsequent features:

Policies, procedure and controls management

This functionality is vital for the event , maintenance and communication of the policies and procedures to suits regulations and standards.

Risk & control assessment

This functionality is required for the gathering of data for evaluation of adherence to standards.

Risk analytics

These provide the info for executive and force to live the general state of risk and compliance

Investigations management

To centrally manage the recording of incidents and facilitate the event and implementation of corrective and preventative actions.

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