The Launching Pad, To Address The Future Compliance Challenges
Use the strategy and infrastructure of Basel 239 (or similar) as a launching pad, to meet the future challenges of aggregating, managing and reporting risk data. The first step would be to assess and organise the GRC data to meet the regulatory requirement of a coherent and measurable risk data aggregation program.
Altered regulatory and fiscal environment
All global companies continue the process of prioritising the overall positioning of the company's compliance activities. Based on past performance and failures many companies are leaning towards the inclusion of the components of Good Governance to measures relating to cyber and IT security risks to retain competitive advantage.
By interconnecting all of the compliance components to avoid disruptive change, companies can include GRC in their profit assessments with greater clarity and consistency. Such integration can reduce compliance costs drastically.
Unconcious compliance bias
In addition to significant cost reductions, there is a remarkable improvement in communications with both regulators and shakeholders. As the integration process improves, the results of the GRC driven compliance processes to help improve compliance can;
- define optimal balance sheet structures in a given set of market conditions
- provides insight into company processes to boost compliance preparedness
- improving response time involved in the various GRC scenario exercises.
Implemented sufficient controls to monitor data and maintain quality across the entire GRC lifecycle requires the tools or services that pull high-quality data from different areas of the business, so that risk analysis are the primary component for better decisions.
Go outside the complaint comfort zone
Implementing and updating controls in the shifting compliance environment are dominated by cost constraints, therefore integration & automation are key words. When the GRC integration process is successful, manual controls will be replaced by IT controls, that are both agile and adaptable. Compliance operating models then allow companies to scale compliance activities to play a significant role in the forward integrated, expertise-driven, compliance reporting process for disclosure success.
Forward Integration
Get the bigger regulatory picture thru forward integration. Start by prioritising your data GRC management programs are embedded to ensure that you are compliant with all regulations.
Consequently, start the GRC processes for a 2016 plan to finalising the strategies and programs that respond to new regulations that are bound to appear on the fiscal year end horizon. The above process can provide a precise specification of consolidated compliance trails. The plan for forward integration can identify the GRC gaps in existing compliance infrastructure, unified regulatory reporting systems and quickly adjust the businesses and operating models. By using Basel 239 as a launching pad, (alternatively, US counterparts may prefer Dodd-Frank) to regulate regulations and provide priorities for risk management as an aggregation tool for the management of risks across the GRC transaction lifecycle.
Use analytics to strengthen ethical risk management and culture
Fostering an ethical and risk-oriented environment, wise company's will invest and put the initial money behind those words by integrating risk management and ethical. Later when compliance goes into a compensation mode, there will be enough savings to redesigning the technology architecture. By fully embracing the notions of modernization, simplification and automation, deploying analytics, techniques to drive compliance across the transaction lifecycle the new risk culture can save the organisation from compliance calamities.
Value and advantage
Therefore the question remains, how can we address data management challenges with technology tools that enrich, process and standardise reporting requirements across the enterprise. The GRC answer is to focus on cyber risk and risk data for smooth integration of legacy systems. Fully realise the benefits of your technology investments by refining technology leadership with the business agenda.
Therefore accelerate the GRC transformation plan to critical value optimisation. Planned value optimisation is essential for as companies are burdened with high compliance costs. Also, capital pressures intensify the need to tackle the GRC challenge aggressively. The Compliance Launcing Pad captures the benefits and timing of the actions to satisfy the regulator demands thru planning, analytics and re-examination of compliance customization, solutions and the GRC service delivery models.
