To survive in today’s economy and meet customers’ expectations, the business strategy of an organisation is constantly changing with growth into new products, different markets, digitalisation and the implementation of new technology and pressure to drive revenue, presenting new challenges for the Compliance function on a daily basis.
Added to this is the sheer volume of regulatory requirements and change in the past few years (and with no end in sight) with high punitive implications for non-compliance and the need to be able to demonstrate the level of compliance is testing management, compliance resource, and operating budgets to the limit!
All of this is against a back drop of increased risks such as a Cyber and Information Security, and the knowledge of the impact from any reputational damage if the control environment was to be compromised.
It is no wonder that a robust and effective compliance function has never been more in demand and high up on the Senior Management agenda, or that Compliance Functions need continually re-prioritise day to day operations in response, and need to find ways to meet compliance and regulatory reporting needs in the most cost-effective manner.
Here are our top 4 recommendations for a Compliance function to be able to ‘do more with less’
- Implement an effective Target Operating Model for Risk and Compliance in the 1LoD and 2LoD to ensure you have the adequate resource capacity and capability to support your operations, strategy and regulatory environment.
- Improve the quality of your risk and control data model and implement standard risk and control libraries- this can give significant efficiencies by driving focus and effort on the right risks and controls and eliminating duplication and redundant controls.
- Review and improve your Governance framework including objectives, roles, agendas, MI and reporting. Ensure valuable time is spent reporting and reviewing what is important.
- Implement an integrated GRC system –with a cost-effective solution you can:
- Streamline your risk and compliance processes, engaging the 1LoD
- Reduce the cost of your risk management & compliance
- Demonstrate your compliance to regulations
- Produce risk and compliance MI at the touch of a button
- Improve Governance and embed more informed decision making
With the correct structure, processes, tools and resource capability, your organisation will be able to meet the existing and future regulatory obligations and avoid expensive remediation.
How can 1RS help your organisation?
1RS delivers pragmatic, tailored solutions to your Governance, Risk and Compliance requirements.
Our Integrated Risk and Compliance management tool, ERIC, is designed specifically for regulated companies.
For more info on 1RS or ERIC, contact 1RS