Compliance 4.0

New compliance challenges? Opentech supports you with GRC software.

The #present of Compliance
Automating the compliance process brings added value to the company. Through the phases that characterize it, it allows you to manage the content area and its updating through the impact analysis process, activated as a result of new external regulations or internal organizational changes.
An automated impact analysis process makes it possible to adequately assess the potential impacts and the actions to be performed to ensure correct management and identify the corporate functions or group companies involved.

It is with the Risk Assessment, the analysis performed annually by the Compliance Function, that all the weaknesses emerge with the consequent proposal of the corrective actions to be taken, both for the most exposed company areas and for the corporate group as a whole.

At the end of this phase you can start the process Planning, structured in three moments:
- the classification: identification of regulatory areas with a high and medium / high level of risk;
- the predisposition: preparation of the Plan with risk based checks, mandatory checks and any further checks;
- the validation: brief summary of all checks by type and dissemination of the annual plan.

The conclusion of the Planning phase starts from the execution phase of the Compliance Testing. This process involves a preliminary phase of assessment of the inherent risk (IRP) and a subsequent assessment of the organizational controls.
The single (ToD) or combined (ToD and ToE) assessment of the organizational controls mitigates the inherent risk, thus defining the specific residual risk (IRR) for each Group company.

From the compliance test process, critical issues may emerge, in relation to which the mitigation and corrective actions are assigned and programmed.


The #future of Compliance
So far we have described the "classic" compliance process, which within companies is no longer the prerogative of the Compliance Function alone. In fact, new actors intervene, engaged in the activities of Privacy, Tax Compliance and IT Risks, with which the Compliance Function must interface and exchange information.

The process of analysis and evaluation of the Control Functions can coincide with that of the Compliance: so why not think of an increasingly coordinated and integrated compliance?

In fact, applying a single methodology to the different areas, it would be possible to have a broader and higher-level overview for permanent monitoring and analysis.

From a simple "Compliance Process" you go to a Integration Assurance process, in which each Control Function identifies the most risky areas through the Risk Assessment, harmonizes planning with the needs of the business and performs the RSA of its own competence.

This process could end infollow up activities, whose integrated management would be the result of the synergy between the Control Functions.

In an Integration Assurance process, all the data relating to the various opinions issued can also be collected in a single repository and shared as a common factor among the corporate functions. This facilitates the retrieval of information, improves the management of critical issues and makes the response to business requests effective.

The solution to facilitate the development of an integrated compliance system is the suite TO GRC by Opentech.

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👉 Presentation "Managing Compliance: towards an integrated approach"

 

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