Aberdeen: GRC Tools Increase Efficiency of Compliance Tracking, Recording
October 27, 2008 // Published as a news service by IHS
Top organizations realized a 17% increase in the efficiency of compliance tracking and reporting as a result of proactively incorporating the right blend of targeted governance, risk and compliance (GRC) enabling tools, technologies and services into a structurally sound, holistic and business-prioritized internal framework, according to research by Aberdeen Group.
Aberdeen noted that this was an average increase more than 7.5 times greater than companies not using GRC.
The Aberdeen research identified the strategic actions, internal capabilities, technologies and services top organizations use to transition from reactive, fragmented and manually intensive compliance activities to proactive, comprehensive, and automated continuous compliance.
It also provides a roadmap of actionable analysis and recommendations for companies seeking to:
- Ensure accurate and auditable compliance with all governmental, industry-specific and internally mandated regulations.
- Streamline, automate and optimize operational processes.
- Secure the integrity of company image and brand value.
According to Aberdeen, establishing and enforcing an enterprise-wide, consistent approach to achieving compliance objectives allows companies to more effectively identify process breakdowns and inefficient controls, thus enabling internal resources to be reallocated toward core business activities.
As a result, these companies were able to increase the detection of weaknesses in internal compliance processes and controls by 13% and improve their flexibility to adjust to changing regulatory requirements by 15%. This is an average increase more than 3.5 times greater than all other organizations.
"By fostering an ethical and compliant company culture and embracing an internal framework that emphasizes communication, accuracy of information and collaboration across channels and roles, best-in-class companies allow employees to structure a work plan and timetable that ensures compliance objectives are met within specified timeframes while providing both compliance managers and business unit heads with visibility into the status of compliance activities, facilitating dramatic improvements in both the speed and accuracy at which business-critical decisions are able to be made," said Stephen M. Walker II, GRC specialist, Aberdeen.
"Ensuring effective, efficient and ongoing compliance with external regulations while reaping internal operational benefits is dependent on pairing the right blend of targeted, scalable tools and technologies with clearly defined internal processes, controls and organizational buy-in," Walker said.
To obtain a complimentary copy of the report, titled Continuously Compliant: Ensuring Proactive, Comprehensive Compliance, visit the Aberdeen web site.
Source: Aberdeen Group.