As new Regulation and Compliance mandates come into action for fighting fraud, corruption, and Regulatory Risks, many Companies across the globe have started to review their Fraud Risk Assessment and overall Enterprise Risk Management programs. This review presents an opportunity to bridge siloed gaps in critical information, restructure fraud and corruption risk management, and build a 360 degree Enterprise-wide view of Compliance. The convergence of these global initiatives presents Businesses and Organizations with the challenge and opportunity for strategies that can fortify risk management while considering the broader enterprise Compliance program.
Given these strategies, new and existing Regulations, Policies, Standards and Guidelines, Organizations should consider analyzing the various requirements and reassessing the vital processes to stay Compliant while keeping the Business safe and achieving cost-effectiveness. The responsibility for Compliance with various standards pertaining to fraud and corruption often resides in the different Business process, such as Internal Audit, Compliance, Legal, HR, IT and Operations. However, a siloed approach has the potential to create pitfalls in secure information sharing and efficient collaboration among the said departments. It is extremely important to identify and bridge these gaps so that the teams can communicate clearly, share relevant information and effective Compliance practices and identify opportunities in the compliance program.
Not only this, a conventional and siloed approach can also build up policy, procedural and process overlaps overtime resulting in inefficiency, duplication of efforts and increased costs. Additionally, it can also create contradictions and conflicts between Compliance teams.
A shift from traditional Fraud Risk Assessment techniques to a more innovative, automated and detailed framework, leveraging power of Cloud Computing, Artificial Intelligence, Customized Reports and Dashboards which can be pulled up Anytime, Anywhere and on Any Device, to govern your Organization against latest threats is what Automation, Agility, and Innovation can help with. Fraud Risk Management and Anti-Corruption policies are a discipline with a varied view and involve future ready strategies. To attain an agile Fraud Risk management process, it is almost mandatory to identify Risks right in time. The goal here is to make ERM not just a Strategic Process, but a real game changer when it comes to Organization’s growth plans. GRC Automation tools like ConfidentG Governance as a Service® Agile GRC application have the right features and capabilities to track your Risk, Compliance, Audit, and overall Governance initiatives.
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