enterprisesecuritymag

Reasons to Employ a Risk and Compliance Platform

Russell Thomas, Enterprise Security Mag | Wednesday, May 12, 2021

When a compliance issue is created in the compliance management platform, the information is sent to the risk management platform, updating its evaluations immediately with the new information.

FREMONT, CA : Using an integrated platform that facilitates risk and compliance management simultaneously and automatically integrates data and reports from both will improve the efficiency and productivity of both risk and compliance teams significantly. The following are two significant benefits that companies gain from merging the two:

Real-Time Risk Assessments

The majority of risk assessments are done after the fact. Banks examine compliance reports and information from the past few months and use it to determine the bank's risk exposure. The issue is that there is a significant lag between the occurrence of real compliance issues and their inclusion in risk assessment reports. The compliance department must first generate its own reports, and the risk department may need additional time to integrate the data.

Banks gain access to timely compliance data, allowing for real-time risk assessments when risk and compliance are integrated into one collaborative system. The process is not slowed because no one has to wait for a report to be produced. When a compliance issue is created in the compliance management platform, the information is sent to the risk management platform, updating its evaluations immediately with the new information.

Augmented Compliance Ownership

The fact that compliance requires the entire organization to take ownership of the compliance rules that affect their work is one reason why many companies are dissatisfied with their compliance performance. Compliance cannot be enforced across the organization by a single manager or team. Compliance teams understand why it is important to follow all rules and regulations, and they also understand why they are important, but other employees may not.

Risks are mapped to compliance issues in integrated risk and compliance solutions, resulting in a direct link between compliance objects and their purpose. Everyone understands the importance of ensuring compliance. Previously, if an employee failed to follow a critical compliance procedure, it would only be discovered if a compliance audit discovered the problem while preparing a compliance report. On the integrated risk and compliance platform, other stakeholders will now be able to see the problem right away.

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