Getting to a Proactive, Business-Enabling Approach
Intensifying regulatory requirements. Increasingly savvy and skeptical regulators. Rising compliance costs. New and more severe risks from proliferating technology, leaner operations and global sourcing.
These are the trends forcing organizations across industries to rethink how they handle risk and manage their regulatory compliance programs. In the data-driven, digital world, companies can no longer approach risk and compliance as they have in the past. Yet many organizations continue to use the same old plans and methods, and still view risk and compliance as administrative functions, rather than action-oriented management disciplines.
Today’s regulators are more demanding than ever. They, too, use analytics and leverage big data to find more issues and demand more (and more consistent) reports from the company. Having a plan is no longer enough; regulators expect to see robust policies embedded into operations and skilled risk teams highly engaged with the business.
Risk and audit teams must know the business better than ever before, because operational risks (such as data, technology and supplier risks) can quickly become strategic threats, affecting the full enterprise.
Strong scenario modeling and analytics can uncover anomalies that indicate strategic risk or potential non-compliance, but only if risk and compliance teams are properly equipped and resourced. And the right tools and technology can streamline regulatory reporting.
Ramping Up Risk Capabilities
Establishing more mature, sophisticated and action-oriented risk management and compliance capabilities starts with:
- Efficiently tracking global and local regulations
- Mapping them to controls and risks
- Implementing well-designed policies and procedures
- Automating compliance monitoring processes
- Managing increased risk data volumes and powerful models
- Aligning and integrating risk and compliance teams
- Collaborating with the business on
Companies that can adopt such a proactive approach will increase their competitiveness and create a sustainable, risk-informed company culture that understands both the diversity and urgency of its risks.
Key Questions for Risk and Compliance:
- What’s the plan for getting ahead of increasing regulatory demands?
- How effectively is your compliance function integrated with risk and other assurance functions to drive a holistic approach to ERM?
- Are risk and compliance teams viewed as a “policing force” or as trusted business advisors?
- What more can you do to build a culture of compliance and accountability?
- What should the CEO and the Board do to broaden their views of risk management?
- What role does technology play in simplifying and strengthening compliance management programs?
Infinitive helps clients develop and apply strategies that will help your organization effectively address regulatory risks and more efficiently achieve compliance.
Our areas of expertise include:
Policies & Procedures:
Set your organization up for success with controls and metrics aligned to regulatory requirements, business objectives and risk mitigation.
Breach Strategy & Security Awareness:
Shape a comprehensive strategy to protect against data loss, neutralize threats and implement advanced monitoring capabilities.
Technology Risk Management:
Gain insights into current risks, define procedures and apply the right controls to secure core technology and data.
Strategic Enterprise Risk Management:
Improve risk intelligence and bring more value to the business by increasing visibility into risk, enhancing the quality of risk data and supporting better decision making.
Recognize current vulnerabilities, prioritize issues and take the right actions for each event across all levels of the organization.
Cultural & Organizational Change Management:
Embrace a holistic approach to change to drive success at every phase of the lifecycle and align organizational goals.
BI & Reporting:
Deploy the monitoring, reporting and analytical tools to generate risk insights, streamline regulatory reporting and add value for the business.
Project, Program & Portfolio Management:
Operationalize proven approaches for planning and execution to improve financial performance, speed to market and compliance.