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The goal of compliance management

In many businesses, compliance management begins with understanding the regulatory obligations you have and any standards you need to adhere to that apply to your organization. The level of standards and regulations your organization face can change greatly from sector to sector and region to region. For example, CCPA is for businesses operating in the California state whereas GDPR needs to be considered by companies conducting business within the European Union.

How can you effectively mature your compliance program?

Once organizations have recognized the standards and regulations they need to adhere to, they will often;

  • Define or use the specific controls from the regulations.
  • Review and document regulatory obligations.
  • Organizations should rationalize their control library to ensure controls meet multiple regulatory obligations. The compliance team can then test one control and demonstrate compliance against numerous regulatory obligations.
  • Look to align and simplify regulations and standards, into business or regulatory requirements, then define controls.
  • Leverage inhouse bought (UCF) or free knowledge (SCF), that help to combine regulations and standards into single regulatory controls.

After the regulatory controls have been defined, the compliance function or organization audit; depending on their size will test the controls, undertake compliance monitory and provide on-going advice to the business.

Do you want to discover more about metaframeworks and SCF? Then check out our latest webcast with the Secure Controls Framework Founder here.

What are the roles and responsibilities to manage a compliance program?

Compliance management is usually operated and owned by what is referred to as the ‘Second Line of Defence.’

Organizations often rely on the lines of defence model as seen in the infographic. This strategy gives the senior management and the board three clear line functions to depend on, ensuring its compliance management program is tested, challenged, and reviewed independently by the second and then the third line of defence.

The main challenges organizations face when running a compliance management program without a comprehensive tool?

  • Compliance professionals spend far too much time manually reconciling regulatory information from different locations, without a consistent format for the data to understand compliance and often are looking at out of date data.
  • Large amounts of duplicated effort when managing controls. As most organizations don’t have central repositories for the regulations and controls, they often have hundreds of duplicated controls and testing, and most are not aware of how much duplicated effort they are performing.
  • 50% + of organizations globally manage risk and compliance and the relevant processes use Microsoft Office. This could be in the form of emails, Powerpoint, Word, Excel and SharePoint. As a result, this leads to a confused, disjointed, disorganised and complicated organizational view.
  • Lack of workflow and structure with clear accountability. Resulting in inconsistent quality and assessments.
  • Documentation storage, (evidence and assessments etc) via email with no security and once again no workflow and accountability.
  • Bringing together multiple sources of regulatory data manually, then producing compliance report packs for the board and regulators. This often takes weeks and can be one or more FTE’s.
  • Manual reproduction of the information for the use of external auditors, regulators and board review.

How can SureCloud’s Compliance Management Software Solution help?

  • Minimum implementation efforts, in most cases only 10%-30% change from standard product required.
  • The solution is pre-configured, using SureCloud’s domain insight and extensive client feedback from other engagements.
  • The solution is deployed within an accelerated period of time and at a reduced cost.
  • Limited configuration changes to accommodate customers processes and control terminology.
  • Defined and proven project delivery model.

You can find out more information about SureCloud’s Compliance Management Software Solution here!

About SureCloud

SureCloud is a provider of Gartner recognized GRC software and Cyber & Risk Advisory services. Whether buying products or services, your organization would benefit from automated workflows and insight from the award-winning SureCloud platform. All of SureCloud’s service offerings are fully compatible with the GRC suite of products enabling seamless integration of information, taking your risk programs to the next level. 

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