In today’s business environment, it’s critical to stay on top of regulatory change. For organizations in regulated industries, the interconnected web of third-party relationships, distributed operations, global supply chains, and more make compliance management increasingly complex.
Relying on spreadsheet- or document-based methods for managing and monitoring change won’t equip your organization to keep pace as the regulatory landscape grows and evolves. Furthermore, the siloed and manual processes that are still prevalent in many institutions can result in reputational, financial, and compliance risk exposure.
Read more: Keeping Pace With Data-Driven Compliance >
If recent news-making compliance and risk management failures are any indication, many leadership teams don’t understand or address the full spectrum of compliance risks that their organizations are facing. Lacking visibility into your compliance posture can be detrimental and result in hefty fines (see: Deutsche Bank, Wells Fargo).
As compliance requirements change, so does your organization’s risk landscape. Without an integrated governance, risk, and compliance (GRC) program built on a common information architecture, CCOs will struggle to manage the compliance requirements and data spanning the organization and its operations.
A system that coordinates risk assessment and management across departments helps compliance officers and their teams:
A McKinsey & Company compliance benchmarking survey found that many financial institutions have low maturity in key compliance management capabilities like assessment and monitoring, automation, and reporting and analytics.
The executives surveyed recognized the importance of using “data, analytics, and technology to improve the compliance function and capture untapped potential” but at the same time expressed frustration over their organizations’ “absence of a technology strategy or perspective on how to drive digital change in compliance.”
Developing a technology-enabled GRC strategy is possible with a scalable management platform that enables immediate process and data management improvements while also providing a path to program expansion and maturity.
CCOs and other GRC leaders don’t have to fly blind when it comes to regulatory change management and compliance oversight. Explore the benefits of risk and compliance integration through Quantivate’s Compliance Solution.