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One platform, one solution, for any compliance requirement.

 

Compliancy provides a single GRC based platform for handling multiple compliance requirements resulting in greater cost effectiveness and flexibility.  A company can start with any compliance solution and build from it to integrate additional regulatory requirements. The following sections provide more information on the problem and the solution:


Multiple Compliance Dilemma

 

Greater demands are being made by regulatory bodies for stronger enforcement and more transparent reporting and management for an ever increasing number of compliance regulations.  

 

Companies that need to implement multiple compliance regulations have been faced with trying to implement and integrate multiple single point solutions.  This has led to confusion and increasing complexity in the decision making process for most customers and can result in actually increasing costs instead of reducing costs. For example, the following outlines a sample compliance related regulations for the U.S.:

 

ACT

DESCRIPTION

Sarbanes-Oxley Act of 2002

Financial reporting accountability.

AS5 (Accounting Standard No. 5)

Designed to find material weaknesses in internal controls before they result in problems, eliminate unnecessary procedures, and focus on procedures that can be tailored to a company's facts and circumstances. 

OMB A-123

Federal agencies must provide the same internal controls and financial reporting that publicly traded companies must abide by within section 404 of the Sarbanes Oxley Act.

FCPA - Foreign Corrupt Practices Act

Makes it unlawful to bribe foreign government officials to obtain or retain business.  Requires record keeping of all transactions and to maintain adequate internal accounting records with periodic reports to the SEC.

SOC (Service Organization Controls)

SSAE 16 standards and SOC reporting framework and additional subject matter areas.

Basel I/II

Regulatory guidelines for banking with Basel II outlining a comprehensive operational risk management framework.

Health Insurance Portability & Accountability Act (HIPAA)

Privacy of patient information and right to carry insurance between jobs.

Gramm-Leach-Bliley Act

Privacy of financial information.

FDA CFR21 Part 11

Management of electronic records for clinical trials.

DoD 5015.2

Federal standards for records management.

 

 

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Multiple Compliance Requirements Leads to Multiple Pains

 

The following chart provides a list of problems that are often associated with implementing multiple compliance requirements.

 

Area

Problem

Multiple requirements

Implementing and integrating multiple/overlapping regulatory requirements using different systems.

Overall alignment

Lack of alignment of compliance with work on strategy, governance, and overall risk management.

Resources and cost

Increased diversion of key resources and overall cost to comply.

Deployment, training and support

Increased deployment and training time of business owners, risk/compliance managers, audit staff and IT resources to support and manage systems.

Adding new requirements; change management

Cost and time to implement new processes and procedures to address deficiencies and be compliant and/or handle risk objectives.

Meet new standards

Implementation and integration of new standards for records/information management and IT controls.

Individual pillar effect

Each business unit implementing its own un-coordinated solution for risk management.

Business integration

Inability to leverage overall risk and compliance efforts into business performance gains to create value.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Requirements for Addressing Multiple Compliance Needs

 

When companies need to implement multiple compliance requirements there are some common capabilities that lend themselves to a single solution:

 

Common Requirements

  • Workflow automation that can link processes, documents and people.
  • Documentation management including version and change control.
  • Segregation of duties with roles based authentication.
  • Granular secure access to ensure only authorized individuals access any specific file, document, process, system, etc. for accountability.
  • Integration with existing systems to utilized already captured data and monitoring based on control requirements.
  • Integration with communication systems such as email for collaboration and routing.
  • Complete tracking of all activities for audit and issue management.
  • On-demand reporting flexibility.

The most effective solution for handling multiple compliance needs will also need to meet the following requirements to improve ease of implementation, usability, rapid reaction to issues, business integration, and optimized cost effectiveness:

 

Enhanced Requirements

  • Common management system to reduce complexity, training and support.
  • Business Process Management (BPM) based to insure integration and maximum flexibility for customization and expansion.
  • Forms and templates with no programming to improve implementation and usability.
  • Role based interfaces to meet the needs of the stakeholders most efficiently.
  • Distributed task routing of tasks to individual task holders and not require them to access the system thus reducing the cost of training and support.
  • Real-time continuous control monitoring for the most up-to-date status.
  • Executive dashboard monitoring and alerts for faster response time.

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Compliancy - A Next Generation Multi-Compliance Solution

 

Compliancy’s Internal Control Management (ICM) is a single compliance designed platform that can address multi-compliance requirements easier and with greater flexibility and cost effectiveness.  Companies can start with any compliance requirement and utilize existing investments in controls and processes and then extend and enhance them for better enforcement and management.  

 

Existing or new regulatory and business process requirements can easily be integrated under a single management system reducing cost, training, support, redundancy, and resources.  

 

Why buy multiple solutions when you can have one platform that can meet your multi-compliance needs, integrate your complete risk, compliance and general business processes and be future proof.

  


For more information contact us at info@compliancy.com or call +1-919-806-4343.

 

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