Regulatory Compliance in Focus - CLARITY Wednesday

You must get control of your data. Embedding data in intelligent business processes that control it at every step of the life cycle is the essential first step. This is the brave new world of the digital transformation of compliance.

3 Regulatory Compliance Facts Worth Considering:

• By aggregating data through digital transformation, compliance teams can start to use their existing resources to better monitor, review, and reconcile data for more meaningful analysis.
• The majority of compliance-related activity is often spent buried in manual processes that leave little room to improve efficiency. When technology is used to help to digitize common manual processes, it enables a business to shift focus from manual tasks and spend it on value-added work.
• In today’s world, many large organizations are still surprisingly unaware of what sensitive data they possess, where it lives, or what’s happening to it. As the demands of regulators become more insistent and the penalties for non-compliance become higher than ever, such a state of affairs is not sustainable.

Assess the Value of Regulatory Compliance to Your Organization

If compliance teams cannot keep pace with the speed of overall business, they risk obsolescence or closing themselves off to the rest of the business.

What value do you place on using technology to capture and monitor compliance with internal controls, financial reporting, industry-specific regulations, intellectual property, health, and safety requirements?

Determine Your Organization's Related Pain & Frustration

In order to fully assess your level of pain (and frustration!) it’s helpful to know where you want to be. So…what does good look like?

A low pain example of Regulatory Compliance would be: We employ trained personnel on regulatory compliance issues and embrace the use of appropriate compliance software tools to aid in managing compliance adherence.

What is your organization's level of pain as it relates to Regulatory Compliance?

The CLARITY Assessment?

In the CLARITY Assessment? we focus on 7 key company objectives. Above, we touched Regulatory Compliance, which is one of 5 categories related to the broader objective of Risk Management:

Almost every company worldwide is in some stage of their own digital transformation journey. You’re invited to take the CLARITY Assessment?, with the goal of helping to define your own company priorities in your digital transformation journey. Click here to experience it now.