Are we complying with regulatory requirements?
The Compliance Management decision area provides an integrated view of the entire regulatory universe. Most companies face numerous overlapping regulatory requirements. In banking, certain business processes are scrutinized by the Office of the Controller, Basel II, the Patriot Act and SOX alike. Knowing where and how to leverage the same controls for multiple regulatory reporting can save you considerable effort in compliance and lead to better performance management.
This decision area can draw on more than one data source.
- Compliance program management solutions, such as for SOX, that manage a company's projects and programs to ensure compliance.
- Continuous controls monitoring software that generate real-time or near real-time information about transactions and flag exceptions.
- Solutions that automate manual spreadsheet-based processes.
With the Compliance Management decision area, you can set planning goals and scorecarding metrics for elements such as:
- Compliance completion (%).
- Compliance costs, internal & external ($).
- Material deficiencies (#).
- Controls & Exceptions (#).
- Items overdue (#).
You can analyze these goals and metrics by a number of dimensions to find the hidden gems in the data, including:
- Fiscal year, quarter, month.
- Control owners.
- Financial account.
- Control method.
- Department/company organization.
Using the Compliance Management decision area
Compliance Management helps Executives track their compliance and performance. This helps you answer questions such as:
- Cost of compliance: Are the costs associated with compliance leveling off, or increasing? Is this due to internal or external resource requirements?
- Controls: Are our numbers of controls increasing or decreasing? Is this making our compliance more or less secure? What software/systems are most difficult to control?
- Vulnerabilities: Where is our greatest number of issues or items overdue? What risk does this pose to the organization? What is our plan to manage this?
