How to Cut Your Compliance Costs by 50%
Is compliance an expensive, inevitable and ongoing activity that your organization finds hard to cope with? Is the current focus at your company on mere compliance and not on making the process competent? Learn how an efficient compliance program can help you to not only comply with regulatory requirements but also maximize the value out of the GRC investments.
An end-to-end compliance program called "efficient compliance" can enable CFO, CIO and CXO to transition from compliance to competent stage by:
- Covering all aspects of compliance including business and IT
- Providing an end-to-end compliance solution from standardizing the processes, re-mediating the control gaps to monitoring the controls on an ongoing basis
- Ensuring compliance during SAP implementation/upgrade
- Using SAP GRC as a platform to manage the compliance services
- Cutting the cost of compliance consulting
Efficient compliance if implemented as suggested can cut the cost of compliance consulting by as much as 50%. This is so because maximum effort on routine controls monitoring would be spent from offshore. Though cost of compliance will be high in the year in which standardization is attempted, it would go down steadily as the dependency on manual controls reduces over a period of time. Besides reducing the cost of compliance, efficient compliance addresses the compliance requirement proactively and makes sure that all new processes / systems introduced in to the production environment pass through compliance review in preproduction phase.
Keerthana Mainkar demystifies compliance
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About the Experts
Head, Enterprise Risk Management CoE, SAP Practice, Infosys Tech. Ltd.
Internal Control Officer, ABB, Switzerland
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