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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 relatively recent introduction of the ERM framework by the Commission of Sponsoring Organizations of the
Treadway Commission (COSO) is providing 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:
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Objectives which are what the company wants to achieve
whether strategic, operations, reporting and/or compliance.
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Internal Environment components which represent what
is needed to achieve the objectives.
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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:
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Single system that can align and link objectives, components and entities.
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Business process management based to automate
iterative processes with flexibility and extensibility.
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Automate all aspects of the enterprise risk approach,
multi-compliance requirements and business processes from a single system.
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Automated alerts, issue management and remediation.
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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.
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Customize your requirements to specifically meet your
needs.
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Integrate existing systems and monitor at a
transaction level if required.
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Shared central repository with granular security
access to control very precisely what can be accessed.
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Complete real-time continuous control tracking,
monitoring, audit and documentation management.
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Compliancy Software Helps Companies Gain Control
Compliancy Software’s Internal Control Management (ICM) is a next
generation solution for automating and managing business processes for
enterprise risk and compliance management that is easier, more flexible, and
more cost effective with a future.
ICM 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 ICM solution
is a single integrated platform that is Business Process Management (BPM) based
and forms and template driven 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.
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:
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Better business intelligence across the company about risks and compliance issues.
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More effective risk and compliance
management, audit and remediation.
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Integrated, streamlined approach
for easier implementation and expansion.
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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@compliancysoftware.com or call +1-919-342-6212
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