Faced with the increasing number of financial and non-financial rules and regulations that impact on their organizations and the subsequent uncertainty this causes, businesses need to have a clear idea how they can meet the imposed burden and associated costs of compliance both now and in the future.
Theoretically businesses could invest in a whole range of highly focused “point solutions” - technologies each forming a small part of the overall compliance management solution. However this would soon become difficult to manage and maintain and would not be a viable long-term solution.
- Categoric's solutions are designed to allow organizations to meet their compliance obligations while minimizing cost and leveraging the investment already made in existing systems.
- Our solutions are robust enough to satisfy current requirements while being flexible enough to allow for future regulatory initiatives when they occur.
Therefore the opportunity presented to the business is to build a flexible compliance framework based around a pragmatic recognition that while compliance expenditure might be compulsory, it may also be an opportunity to drive improvements within the organisation that may offset the required expenditure.
Continuously monitoring and auditing controls could be a major step towards helping the business develop a sustainable risk management and compliance framework and thus increasing efficiency.
Although compliance regulations such as Sarbanes-Oxley etc do not specifically force automation on an organisation, it is not practical for most companies to continually engage the people needed to manually prove ongoing compliance with each of the necessary audit elements.
For the Compliance officer
Migration to a continuous auditing of controls would allow refocusing of management attention onto higher value activities while decreasing the cost and time required to maintain and prove them.
Categoric's solutions can greatly simplify the job of continuously proving compliance by facilitating the creation of rules to ensure that the required financial and other results are substantiated by data that is available for 100% of the transaction universe all of the time.
Rather than having to prove compliance at various intervals, Categoric's solutions simply flags up instances where an organisation is not compliant, thus allowing the maximum possible time for rectification of any issues.
|
