Compliance Risk Assessment
A strong and sustainable enterprise-wide compliance strategy that is accurately tied to an organization's overall business goals and objectives is imperative to survive the multitude of business and regulatory challenges. A key component in achieving compliance with a string of regulations and industry guidelines is to adopt a good compliance risk assessment exercise.
The need for an adequate risk assessment system has been highly emphasized by regulatory frameworks such as Section 404 of the Sarbanes-Oxley Act of 2002, the Organization for Economic Co-operation and Development (OECD) guidelines, and the Enterprise Risk Management (ERM) Framework released by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2004. They also underscore the significance of strong controls to achieve regulatory compliance. Other key regulatory policies such as the U.S. Medicare reforms, food and drug advertising limitations, and Basel II and III requirements also place regulatory reporting and compliance monitoring in the spotlight.
Be it to manage the laws governing corruption, competition and privacy, or meet the rising expectations of customers, or stand up to regulatory scrutiny, organizations need a reliable compliance risk assessment strategy. Good policies, effective training, an integrated risk management process, and ongoing auditing, all supported and streamlined by automated and centralized technology architecture, are staples of such as strategy.
MetricStream Compliance Risk Assessment Software Solution
MetricStream Compliance Risk Assessment Functionality equipped with complete end-to-end workflow capabilities, enables organizations to conduct compliance processes, assess risks, and establish and monitor controls successfully across the entire enterprise. This functionality streamlines a whole array of compliance and risk management processes with an enterprise-wide system, as well as integrates regulatory content with the compliance workflow. It enables companies to gain a holistic perspective on their exposure to various compliance risks, and also helps in efficiently managing the entire lifecycle of compliance risk assessment. The functionality’s leading edge capabilities enable organizations to identify and assess potential threats, and quantify the total cost of risk and compliance management. Organizations can then develop an appropriate response strategy to manage and mitigate the compliance risks.