How Compliance-Centric Organizations Succeed in a Regulated World

A compliance program can help resolve and lower your organization’s potential liability for errors and define your organization risks associated with a lack of comprehensive risk-driven approach to compliance.  Regulatory Compliance is a growing global pain point. In a recent finding, nearly half of respondents – 47 percent – work in the highly regulated industries; and firms have to deal with multiple regulations.

Risk is attached to every regulatory development or change in sanctions and potential risks leave the organization vulnerable if they’re not properly managed and mitigated.

In the technology-driven world, you can now reduce the burden of regulatory compliance.  There are software solutions that enable judication of regulatory changes through integration of Content, Knowledge and Training to achieve Compliance.  I am not suggesting this is the key solution to reducing the burden. I do, however, firmly believe that in today’s highly regulated world where regulatory changes are inevitable, your organization needs a regulatory intelligence strategy that requires the implementation of process models that can be automated with the help of a software that monitors regulatory changes; measures impact on the business; automates compliance and processes; increases visibility, transparency; and implements appropriate policy, training; and controls updates.

According to industry pundit Michael Rasmussen of GRC 20/20 Research, companies report that risk, compliance and audit staff members spend as much as 80 percent of their time managing documents and reconciling information and only 20 percent of their time actually managing risk and compliance.

As this trend continues to grow upward, there is the unbearable cost of Noncompliance. Given the complexity of the regulatory landscape right now, a “One size fits all” approach is doomed to fail.  Companies are looking for best of software to address specific GRC requirements.  One of the major components of GRC is Regulatory Change Management . This is where web based (SaaS) software providers like 360Factors.com and our flagshit GRC software PREDICT360 come into play. It reduces the burden of regulatory compliance so you can dynamically manage your regulatory changes with our software and avoid the cost of noncompliance. It is designed to help organizations meet regulatory compliance and manage behaviour-based risk by providing:

• Regulatory knowledge base
• Risk and audit management
• Advisory management
• Corrective action management to achieve compliance through CAPA system.