A Better Approach to Compliance Can Reduce Costs and Deliver Business Value
Thanks to increased regulatory scrutiny and a broadening range of risks, companies in financial services and other sectors face rising compliance costs. Pressures may also come from internal audit groups.
Organizational compliance can be difficult to achieve efficiently. It requires a deep understanding of the current operating environment which includes detailed policies, processes, procedures and controls.
But developing and maintaining robust standards, policies and procedures are crucial to defining and understanding how your business functions. Plus, they set a strong foundation for effective enterprise risk management by clarifying how operations should work.
And while policies and procedures are often developed in response to legal, regulatory and compliance drivers, they can benefit the business by clarifying operational risks, reducing the costs associated with compliance efforts and creating more risk-aware cultures.
Key Questions to Develop Effective Policies & Procedures:
- Do current policies and procedures accurately reflect existing operations?
- Do they provide the necessary information to demonstrate enterprise-wide compliance to regulatory authorities?
- Does the procedure/process environment clarify key roles and responsibilities?
- Are key and compensating control points clearly linked to the risks they mitigate?
Infinitive’s Approach to Policies & Procedures Development
Infinitive combines financial, operational, technology, and risk management capabilities to drive down the cost and increase the business value of policies and procedures for:
- Regulatory compliance
- Oversight and management of operational processes
- Oversight and management of technology and IT processes
- Risk management
- Information security programs
Through collaboration with key stakeholders and leaders, Infinitive’s team develops policies, standards and procedures that:
- Align with business strategy
- Document current business practices
- Detail how tasks are performed
- Identify risks and their mitigating controls
A gap analysis of current state processes against industry standards and leading practices lead to recommendations for process improvements, as well as implementation plans for new or updated procedures and ongoing maintenance.
Infinitive’s approach in clarifying how the business really works serves as a catalyst for cultural transformation. Our experts design and execute project plans to boost adoption and drive sustainable value based on effective communication, stakeholder engagement, long-term ownership, end-user training, metrics, reporting and detailed gap analysis.
Our action-oriented and results-driven experts average 15+ years of experience designing and delivering solutions that address people, process and technology factors to ensure change takes hold and value can be sustained for the long term. We have worked with many leading financial services companies, as well as top performers in retail, consumer packaged goods, media, entertainment and publishing, travel and hospitality and healthcare.
Case Study: A Better Approach to Complying with Banking Industry Regulations
Learn how one national financial institution ensured compliance with strict industry regulations and government oversight through a new organizational structure, ongoing adoption preparation and clearer expectations across the business.