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Compliance: content or process

September 29, 2015 by
Filed under: General, Governance, Risk and Compliance

Compliance is a very mature profession. As a compliance professional, it is very clear what needs to happen to ensure compliance. However, compliance management is a quite immature market. Many focus on compliance content; ensuring companies get timely information on changing and new regulations, interpretations, and specific cases and so on. How can all this information be streamlined into the organization? How can the legal language be translated into actionable business language? How can hundred alerts a day not become compliance spam?
Content needs to be read and analyzed
A lesson I was taught years ago by a COO, responsible for over 10,000 employees. We were implementing a compliance solution and we were discussing alerts to his business leaders. He just, told me: “10 alerts a year, nothing more. Skip August and December for holiday seasons, and you'll have a maximum of 1 alert a month”. Anything more would not be read.

So, content needs to be read and analyzed. I am afraid nothing happens automatically here. Technology can provide the tools for searching and gap analysis, but in the end of the day the compliance expert will have to translate the alert into business language. Technology can then assist to analyze and communicate to business users, help analyzing gaps and manage policies and procedures. The process of organizing all this deserves much more attention. This is where technology can really make a difference. Best practices help to reduce costs, reduce frustration, reduce the risk of non-compliance and help to focus on that what really matters: assisting the business in doing the job properly. More information on Compliance.

Tags: Risk Management, GRC, Compliance

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