Using regulatory compliance as a catalyst for change

How can companies use the increasing legislative and regulatory compliance needs to provide benefits? While good governance, effective risk management and compliance are undoubtedly a challenge for many businesses and can be viewed as burdensome can also be viewed in a light more attractive as a catalyst for change. If embraced properly can help organizations achieve business performance significantly improved in turn creating greater shareholder value.

Today there are many laws, regulations and best practices in organizations and the number and complexity of these requirements is likely to increase. From our point of view it is essential that organizations invest in compliance GRC management systems to provide a framework and a tool for managing all the requirements of the regulations. Organizations need a system to ensure that both conform to the latest standards and can easily incorporate new requirements at any time. Leading business analysts recommend a single integrated approach to GRC system, to facilitate easy management and reduce costs.

The cutting edge solutions for GRC management should be able to solve critical business problems, forming the basis for a single unified platform for enterprise-wide GRC. As with all software applications will have their strengths. Some will be much more specific industry will be more flexible and provide the functionality to cover many areas of compliance, including Sarbanes-Oxley, ISO 9000:2000, ISO 14000 and ISO 18000, Life Sciences, IS0 27001 and more compliance requirements specific sector.

The main advantages of a Governance, Risk and Compliance Management System should provide are:
Consistently delivered throughout the company, using Document Management for the release of information enterprise-wide systems including e-mail every day to ensure the adoption at the enterprise level and respect.

Sustainability, giving companies the framework to manage the changes and new requirements that occur, whether organizational changes, including acquisitions or entry into new markets, or changes in GRC management, such as legislation and new or modified standards.
Efficiency by supporting the efficient allocation of resources, as more areas of cost and risk are identified.

Accountability to ensure that corrective and preventive actions are managed and recorded in each of the defined processes.

When you select an aspect of GRC software solution for the following characteristics:

Policies, procedures and management controls

This feature is important for the maintenance of the development, and communication of policies and procedures to comply with regulations and standards.

Control and Risk Assessment

This feature is necessary for the collection of information for the evaluation of adhesion to the standards.

Risk Analytics

These provide data for senior staff and management to measure the overall state of risk and compliance

Inquiries of management

To centrally manage the recording of accidents and facilitate the development and implementation of corrective and preventive actions....