Ensuring and auditing compliance with policies and standards is a critical part of good corporate governance and risk management.
Many organisations, not just financial institutions, are facing increased burdens of compliance, risk management, and corporate governance and are looking to specialised GRC software solutions that help them optimize their compliance costs, processes, and decision making more effectively than they have been able to using ad hoc or in-house developed tools.
Good GRC solutions help companies to cost effectively achieve their compliance and risk management objectives including:
- focusing efforts on important compliance risk areas
- communicating clear policies to employees
- improving compliance behaviours through effective training and support
- ensuring employees can raise concerns and that they will be properly addressed
- ensuring fair and objective investigations of possible policy breaches
- providing key stakeholders with assurance and effective reporting of key issues
- monitoring and auditing compliance with policies during internal audits
Evergreen Oak represents a recognised GRC software leader, if you want to hear more about how we can help you with your GRC targets please contact us.
Banking and Finance
Many organizations are struggling to keep up with the pace of regulatory change and with implementing the required internal changes quickly and cost effectively. Under Basel II for instance, ICAAP requires that the board understands the material risks of the firm, and that there is sufficient and appropriate risk management. In addition Solvency II (FLAOR), SOX, local regulations, and internal policies and guidelines have to be complied with. Regulators, boards, and executive management are seeking increased transparency, improved risk management, additional checks to prevent financial crime, enhanced regulatory change management processes and comprehensive and timely audits of all compliance and risk processes.
Banks and finance companies appreciate the benefit provided by an integrated approach to their range of GRC needs.
Pharmaceuticals and Chemicals
Pharmaceutical and chemical companies need to comply with strict corporate governance, industry regulations, SHE (Safety, Health, and Environment) regulations, internal controls, and codes of conduct. They are often in the global spotlight for many issues that concern their shareholders, customers, and society in general. Effective management of these issues is critical to maintaining trust and confidence, and doing so whilst also complying with the complex internal controls related to the laboratory and production line procedures can be extremely challenging.
Manufacturing and production companies face complex restrictions and requirements from customers and regulators. Those restrictions may be concerning quality, health and safety, environmental, or other factors. Compliance with these regulations is often mandatory at the pain of exclusion from being able to supply, tender for major contracts, or regulator penalties. The amount and complexity of these regulations places a costly and time-consuming burden on organisations to manage and address their compliance with these demands so increasingly companies are turning to leading GRC solutions to do so.
Energy and Utilities
Energy companies are under pressure from investors and owners demanding financial transparency. The public and government are increasingly requiring green energy solutions (reduced carbon emissions), and increased environmental responsibility. GRC solutions are a useful tool for energy companies and utilities to ensure that they comply with these demands.