It is difficult for organizations to make changes to existing processes and policies and procedures related to those processes, and to keep pace with current and new compliance requirements.
Can anything be done to simplify the challenge of maintaining compliance in a dynamic business environment?
Many organizations have siloed compliance requirements in scattered departments and systems – making it difficult for the organization to manage procedures and processes in such a disorganized system and architecture. Compliance in a dynamic business and regulatory environment requires a complete understanding of business processes and operations. It is processes that need to stay compliant.
An organization can be fully intelligent about changing regulatory requirements but not be compliant if they fail to maintain their business processes to address changing requirements.
To fully and truly meet and maintain the entirety of compliance requirements, the organization needs complete situational awareness and holistic understanding throughout the enterprise into compliance requirements that can be scattered across systems, departments, processes, relationships, and data.
Controls must be embedded in organizations’ processes and procedures in order to cover up potential vulnerabilities to risk.
Benefits of embedding controls into the organization processes
Creating controls that are embedded in your organization's processes and procedures allows for management to take back control and meet regulatory and compliance requirements without difficulty. This allows the organization to provide a holistic oversight over the entire enterprise, assess risk, and allows for better reporting on the organization's overall posture.
There are many financial benefits to embedding controls into your organization's processes including but not limited to:
A proactive approach allows the organization to function at a higher level and quickly respond to incidents throughout the organization without a major disruption to the enterprise as a whole.
Establishing effective policies and procedures does not begin and end with regulations. It takes the right amount of collaboration, the right types of distributive mediums, and the right methods to measure understanding. All of these things take an enormous amount of time and energy.
Automating regulatory compliance with a software solution can increase efficiency and ensure compliance within your policies and procedures.
To choose the best possible solution, here are some key functionalities a software solution should cover to ensure compliance while improving your team’s efficiency: