Governance Guarantees to avoid the Compliance Cliff
The international gray eminences of GRC often manage the GRC problem simply by muddling through the GRC issues, instead of implementing a long term sustainable approach, based on necessary considerations of prudence, Copenhagen Compliance can step in and protect the client early on and help to identify the issues and provide a firmer GRC ground.
What does it take to dramatically reduce the impact of the prevailing compliance burdens?.
The crisis has also changed the stakes. For the next decade or so, regulators are not going to allow the industry to get away with sloppy behavior.
A couple of years from now the corporate world will probably be in the unpleasant part of the compliance cycle because the core issues that caused the current financial crisis still remain unresolved. Off balance sheet structures and GRC standards have deteriorated. The culture and performance continues to be strongly influenced by an artificial trading environment because it is quite possible that many of the complex risk and financial instruments will again falter when the next downturn arrives.
Governance Guarantees
Copenhagen Compliance has for a long time pleaded that: Compliance and the variety of complex capital controls without any obvious cure of the underlying problems simply complicate GRC issues. Introducing complex Compliance and controls beyond the therapeutic dose is self-defeating.
Copenhagen Compliance GRC and Customer analytics assessment will get the GRC silos to start working together and provide a single view of the GRC issue that allows the client to do fraud, marketing automation, and customer intelligence at the same time, including credit and debit card data, DDA data and loan information (for the financial services industry) all together. Financial institutions need to build that single view of the customer that runs all the corporate business models on that one set of data1.
To avoid the Compliance cliff, first you need to identify the specific GRC components that we have discussed in various newsletters that are unique to your business service
model and form the backbone that will integrate, unite and embed the suggested processes and architectural framework.
This uniqueness, which is embedded in many of the Copenhagen Compliance services model (see Copenhagen Compliance Road map and framework) and it will provide you with additional benefits and relevance for subsequent business sustainability, without understating your GRC purpose.
Find the expertise that can assist you to interact with the independent oversight bodies and regulators and to help them in good faith and in the public interest with efforts that can help to determine the direction in which the GRC rules are written.
When you have assembled the right mix of mainly internal experts who have the skills and experience to be able to go out to specific GRC components and have the necessary discussion associated with risk-taking, and related business or GRC policies.
The above team will then have a distinct experience in the public sector that enables them to tackle issues relating to regulator and oversight bodies as well as the private industry experience for GRC results and values.
