Organizations face a number of challenges in implementing a risk and compliance management process that addresses their business needs and regulatory obligations. This is mostly due to increased complexity, the existence of many different risk and controls frameworks, the existence of silos and the increased effort required to achieve an integrated common point of view throughout an organization. These challenges are reflected in the way organizations identify, document, audit and manage applicable risks and compliance requirements that may affect the organization’s ability to achieve strategic business objectives. Often the increased cost and complexity to implement an automated solution that integrates the different processes renders the existing approach followed by organizations a manual process often based on risk and control self-assessments sessions and long compliance lists using word and excel documents. This leads to delays, errors and potential lack of data completeness and integrity.
As such, silo approaches are utilized to respond to increased regulations, and the more rigorous compliance environment has led to duplication of activities and multi-layered governance, risk and compliance processes.