Issues
Risk and Compliance
Organizations around the world struggle to comply with new compliance regulations in areas such as health and safety, securities, money laundering, anti-terrorism and records management. Traditional approaches to compliance have relied on specialist silos to cope with each new wave of requirements. Each specialist group approaches their responsibilities with similar but different terminology and with varying data capture, storage and analysis methods, creating a fragmented approach that is both expensive and extremely burdensome to maintain. This approach increases the risk of not adequately establishing a sustainable control environment and not adhering to compliance regulations.
Financial results are no longer the sole basis of company success. Stakeholders now want evidence that organizations are conducting their operations effectively, profitably, and ethically. Successful companies reach corporate accountability by proving to stakeholders that their business is reliable, compliant, and sustainable. Achieving this level of operations and reporting requires a unified GRC strategy that guides people, standardizes processes, and integrates technology to embed GRC at every organizational level.
Corporate boards, CEOs, CFOs and other members of the senior leadership team are facing unprecedented levels of business complexity, changing geopolitical threats, new regulations and legislation, and increasing shareholder demands. To address these challenges, business leaders are embracing the discipline of enterprise risk management in the planning and assessment of strategic objectives, and the monitoring and reporting on risks associated with those objectives.
The compliance and risk landscape is continually changing. To remain competitive, companies must have in place a governance, risk management and compliance strategy that keeps pace with new laws, regulations and stakeholder expectations. An effective strategy can positively impact shareholder value and empower organizations to:
- Improve strategic business decisions by clearly defining associated risks and opportunities
- Minimize operational surprises with more proactive and effective monitoring
- Protect and enhance reputation and brand by capitalizing on business opportunities while reducing the likelihood of negative events
- Increase organizational efficiency
- Avoid fines, penalties and damage to reputation
