Governance, Risk and Compliance can be very complex for an organization in the service sector. Both public and private service firms must comply with numerous regulations, including different regulations for different regions. The service industry is one of the most heavily regulated due to issues of employee health and safety, global trade, tax and financial reporting regulations and service level agreements with clients. In addition, it is difficult to manage compliance due to the number of employees and processes that a service provider organization may have. In fact, the management and mitigation of risks can grow and become very intricate
BWise enables a service organization to find economies of scale, areas of improvement and best practices for itself and the employees it relies on. Service corporations must not only manage and mitigate initiatives like Sarbanes-Oxley and other financial or quality regulations and restrictions, they must also moderate the large number of controls and risks inherent in a service organization, and the employees who “touch” those controls and risks on a daily basis.
BWise allows service organizations to manage their compliance with Service Level Agreements’s (SLA’s) by providing in-control statements to client organizations. This may be in the form of SAS 70 Type I or Type II certifications. Assessing employees with surveys on their understanding of company policies, including codes of conduct, safety procedures and health standards, is also supported by BWise. In addition, these assessment results can be used to identify potential risks, and make areas in need of improvement visible.
Benefit: improving service processes
Not only can BWise be used for improvements in an employee’s duties, but it can also be used to improve the systems and controls themselves. BWise allows uniformity and standardization in business processes and management of information. This enables managers to reduce and mitigate controls directly in BWise, continuing to drive efficiencies through out the organization. BWise can profoundly contribute to the understanding of business processes, the controls that make them up, and their improvement, leading to a higher performance level and an informed and lean service enterprise.