Policies are critical for the overall governance and operations of every organization around the globe. Policies act as a guardrail for employees to act responsibly and ethically within the organization’s best interests. However, poor policy management can leave companies open to risk and non-compliance exposure. It is within corporate policies and policy management that guidelines and parameters are set for appropriate behavior for individual employees and procedures/processes. They are the bedrock of company culture,…
The modern business landscape is dynamic and unpredictable, although we tend to forget that until something jolts us out of our routine. The pace of the world is now at light speed with the changes of globalization, digitalization, risk, competitive velocity, and regulation creating new challenges for organizations every day. Navigating change requires lucid leadership, and it starts from the top. Developing a methodology to continuously understand your organization’s challenges, define those problems, and…
Compliance is a monumental challenge for financial institutions. Compliance management requirements and the regulatory landscape are constantly shifting, making it paramount for organizations to develop and implement agile compliance processes to meet their obligations. As compliance management has grown more complex, expecting the CCO and other compliance officers to manually analyze high volumes of information and keep pace with changes to the business and regulatory landscape inevitably leads to problems. Issues slip through cracks,…
As organizations become more complex, establishing efficient governance, risk, and compliance (GRC) processes takes priority. Organizations need to shift to digital and automated GRC management methods, but to do so effectively, they must identify the specific issues they intend to address and develop a coherent strategy for adopting GRC technology. To facilitate a smooth transition to automated GRC processes, companies need to follow three steps to optimize their investment in new technologies: Examine the…
Organizations can’t afford to look at risk and financial operations as departmentalized units. Financial management and governance, risk, and compliance (GRC) functions must adhere to a unified model that enables the entire company to move cohesively in the face of change and uncertainty. The modern CFO’s role has now expanded to contribute to risk management strategy. With myriad changes in the compliance and operational management environment, the CFO and financial managers must understand how…