Complying with new regulatory requirements is often a company’s greatest challenge.
Here are three ways to make it easier by establishing a compliance framework
1 .Meet with business units across the company
When meeting with business units across the company make sure to include your legal and regulatory compliance groups. The purpose of these meetings is to establish an internal business requirements document that itemizes key compliance issues that your business must stay on top of and that are important to your company.
- Implement a framework
Once compliance needs are understood, you can implement a framework for compliance that will make updating changes easier.
Having a compliance framework that sets out a model for governance oversight is essential. There is no point putting effort into developing great policies when they are left alone and not applied by their intended audience. Worse still is the current trend of thinking that “more is best” resulting in an explosion of compliance and business content and documentation in all forms that no one reads. This leads to an organisational failure to follow operational standards, and the rise of ‘organisational cowboys’ with each team member doing their own thing, thus resulting in inconsistencies and non-compliance.
Integrated corporate governance, risk management and compliance framework
Every business needs an effective compliance framework that provides a structure for assessing, planning, implementing and monitoring compliance strategy, compliance policies and documentation, compliance training and management of obligations.
Anitech can help you manage the change effectively by designing a comprehensive integrated corporate governance, risk management and compliance framework (GRC) that covers the strategy and approach to compliance management for your organisation.
- Map your applications
The next step is mapping your applications and systems to a compliance framework that makes implementing compliance changes easier.
The mapping automates much of the manual work that was formerly required to identify the applications and systems that are affected by a new regulatory change. It can also provide an impact analysis that tells your business teams precisely, which applications and systems are impacted by regulatory changes.
We can certainly assist you in establishing your organisations’ legal compliance change and be in charge of the change.