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From Sarbanes-Oxley to Enterprise Risk Management (ERM)

 

Companies have invested heavily in becoming compliant with the Sarbanes-Oxley Act (SOX) and have discovered the high cost of sustaining that compliance. Companies are now turning to automation technology to reduce costs.

 

However, selecting a technology solution needs to consider more than just SOX if you are to truly create business value from your investment.  SOX is just the tip of the iceberg regarding government regulations and risk management.  In addition, financial markets are increasingly requiring companies to report on controls they have in place to protect the business.

 

The work done on SOX and similar regulations can be the foundation to build enterprise risk management capabilities and integrate with general business processes to more effectively manage risks, streamline your business, reduce costs, and improve your operational performance.

 

As a result, companies are looking beyond compliance to improve company performance by more effectively managing risks across the entire company.


ERM Integrated Framework

 

The ERM framework by the Commission of Sponsoring Organizations of the Treadway Commission (COSO) provides a more disciplined and consistent standard against which to implement and assess a company’s ERM program.

 

ERM provides a more holistic approach that enables the alignment of the organization’s strategies and operational and compliance processes across the entire company for managing all the key business risks and opportunities with the goal of maximizing value for the entire enterprise.

 

ERM is a process-based approach where the various components interact as part of an on-going, iterative process.  COSO represents these relationships in a three dimensional cube: 

 

 

 

 

 

 

 

 

 

 

 

 

  • Objectives which are what the company wants to achieve whether strategic, operations, reporting and/or compliance.

  • Internal Environment components which represent what is needed to achieve the objectives.

  • Entity Level which represent the various units of the company.

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Requirements for Integrating ERM, Compliance and Business Processes

 

Most solutions today are static (not business process based) and only address one specific regulation or risk management approach.  Furthermore, it is typical that business units and divisions within a company develop their own unique solutions which leads to miscommunication and loss opportunities because of the lack of coordination, alignment and common goals. 

 

The right technology solution can facilitate addressing these issues and improve the overall performance of the company.  Such a solution needs to meet the following criteria:

  • Single system that can align and link objectives, components and entities.
  • Compliance designed Business Process Management (BPM) based to automate iterative processes with flexibility and extensibility.
  • Automate all aspects of the enterprise risk approach, multi-compliance requirements and business processes from a single system.
  • Automated alerts, issue management and remediation.
  • Ability to distribute specific tasks to individuals in business units for action to eliminate unnecessary and complex system access and reduce training and support costs.
  • Customize your requirements to specifically meet your needs.
  • Integrate existing systems and monitor at a transaction level if required.
  • Shared central repository with granular security access to control very precisely what can be accessed.
  • Complete real-time continuous control tracking, monitoring, audit and documentation management.

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Compliancy Helps Companies Gain Control

 

Compliancy’s solution let's you customize the automation of your Enterprise Risk Management requirements and leverage your existing GRC investments in processes, controls and compliance programs and then extend and augment them for more effective risk management and efficient utilization of resources.  

 

Compliancy provides complete risk and control management capabilities whether it is COSO ERM based or customized to your risk management system, including the documentation, automation and management of all risk and compliance processes, rules based routing, segregation of duties, security authorization, automated testing/auditing, certifications, evidence tracking, issues management and reporting.

 

The Compliance solution is a single integrated, compliance designed Business Process Management (BPM) based application with forms and template making it easier to implement and use, is extensible to cover any risk management process and compliance regulatory requirement and can be utilized to automate general operational business workflow processes with built-in regulatory level controls to ensure results and integration with GRC processes.

 

It enables a new level of ease of use for any level of user and enables a company to truly push down the task ownership to the company business units without requiring them to access the entire system thus reducing training, support and bottlenecks.

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Greater Benefits - Greater ROI

 

Compliancy allows you to start fast and evolve with every increasing benefits and a better ROI than single point solutions:

  • Better business intelligence across the company about risks and compliance issues.
  • More effective risk and compliance management, audit and remediation.
  • Integrated, streamlined approach for easier implementation and expansion.
  • Greater cost reductions as a result of reduced redundancy and more efficient utilization.

Our research has clearly shown 20-50% increase in savings versus more traditional methodologies and an increase in 20-30% faster response to issues.

 

Contact Compliancy today to learn how we can help you improve your business performance.


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

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