Compliance is not easy. Organizations across industries have global clients, partners, and business operations. Adding to the complexity of global business, today’s organization is dynamic and constantly changing. The modern organization changes by the minute. The dynamic and global nature of business is particularly challenging to compliance management. As organizations expand operations and business relationships (e.g., vendors, supply chain, consultants and staffing) their risk profile grows exponentially. To stay competitive, organizations need systems to monitor internal risk (e.g., strategy, processes and internal controls) and external risk (e.g., legal, regulatory, competitive, economic, political and geographic environments). What may seem insignificant in one area can have profound impact on others.
Compliance activities managed in silos often lead to the inevitable failure of a compliance program. Reactive, document-centric, siloed information and processes fail to manage compliance, leaving stakeholders blind to the intricate relationships of compliance across the business. Management is not thinking about how compliance processes can provide greater insight. This ad hoc approach results in poor visibility across the organization and its control environment.
A non-integrated approach to compliance management results in these phenomena, each one feeding off the last:
- Redundant and inefficient . . .
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