Organizations understand that risk is fluent and every-present. It typically falls to the Chief Compliance to keep the Board of Directors and other stakeholders informed while ensuring that the company is ‘in compliance’ a vast array of regulations, policies and standards.
The challenge of managing so many moving parts can be a constant battle. Manual processes simply can’t keep pace with the merry-go-round of changes. CCO automation tools are need to make the process more manageable and adaptable.
An automation tool should centralize information from disparate sources into an integrated, object-oriented risk framework and track all risks, controls and remediation activities.
Analyst firm Gartner says: “CCO tools provide the framework and support for standardization of compliance activities and automation to increase efficiency and effectiveness of compliance management programs. CCO enables a common cross-enterprise approach to IT compliance activities that most affect the regulatory oversight of corporate governance. This is done through support of the five major requirements for managing a compliance program: policy development, aggregation and normalization, control monitoring, workflow management, and case management.” (Market Guide for Corporate Compliance and Oversight Solutions, Published: 11 August 2017 ID: G00305296, Analyst(s): Elizabeth Kim | Jeffrey Wheatman).
The Gartner Market Guide provides a great overview of how Compliance Officers can navigate the waters.
PS – Rsam is listed as a representative vendor in this report.
PSS – September 26th is National Compliance Officer Day!