Non Compliance is to pretend compliance. Rather extend, defer or defy Compliance
It is serious business not to exercise effective regulatory compliance as an integral part of the business processes in any industry. Without self-regulation, noncompliance is the result of poor risk management. It is directly observable and potentially fatal
Every day, thousands of GRC professions take a close look at the way the company operates, focusing most specifically on those processes that pose the greatest risk to the markets and stakeholders.
Potential impacts of GRC mandates
The ability to support regulatory compliance depends mainly on the discipline and culture of the organization. Regulatory compliance depends on how the GRC part of the daily processes and activities are organized and monitored. Due to the crisis, the global business community will continue to be on the hit from the oversight on almost every front.
What are the IT tools that are currently provided to the business? Compliance manuals and Policy portals are critical factors in achieving compliance and ensuring that all those involved in the business activity understand and accept the GRC requirements and potential impacts of relevant legislation and changes to internal procedures.
Tools to communicate change
Unfortunately in many organizations, these procedures are just delivered in the form of a compliance manual or electronic data folder of documents without training, monitoring or follow-up controls.
Due to the significant increase in regulation, what used to be delivered as a small folder may now be the size of a phone book. With the current amount of information, organizations need to explore new tools to communicate changes to regulations to those involved in business activities.
To successfully manage policies and written supervisory procedures, organizations need to move beyond the policy manual method and invest in solutions that can aggregate content from multiple sources and that allow those at the GRC desk to view, acknowledge and follow policies and procedures. To complement the evolving library of policies, firms should also consider delivering in-context e-learning and training solutions as part of the communication process. Through interactive courses that drive active learning, retention, awareness and adoption, organizations are able to actively support enterprise-wide training or individual jurisdictional or departmental programs.
Update policies and procedures
Are your current processes optimized to deliver this amount of complex and evolving compliance information? The bottom line is that, through technology, organizations have the opportunity to make compliance far less complicated and to empower those operating on the front lines to more easily and effectively adopt and comply with the multitude of regulatory requirements and procedures.
A simplified approach is to provide tools that deliver regulatory intelligence, policies and procedures, and regulatory training through to the trading desktop or mobile device.
By delivering regulatory reports directly to the GRC desk and providing the user with compliance-related news, expert analysis, upcoming regulatory development alerts, and a extensive library of rulebooks spanning regulatory agencies, you effectively ensure compliance by making it a regular part of the rutine GRC workflow.
Evaluating GRC culture
Updates to policies and procedures could then be pushed directly to front-office staff all the while tracking confirmation and adoption and providing compliance teams with the ability to create on-the-fly reports and maintaining a complete audit trail for the regulator. By leveraging the power of the trading desktop, this information could be tagged and searchable, so the user can quickly find the awareness that is essential and relevant.
To support regulatory compliance is to make it part of the culture of the organization and function of the daily activities of the frontline staff. To evolve to this level of maturity, organizations should consider not only evaluating their current culture and processes between the front office and compliance teams, but evaluate new tools and delivery methods to accommodate compliance front and center for those ultimately responsible for executing in a compliant manner.
