Regulatory Compliance and Risk Management for Financial Services
Financial services companies have historically used a silo-based approach to compliance, risk management and IT security; with each group or department focused on specific risks or guidelines.
Today this approach no longer works. Regulatory requirements, operational risks and cyberthreats are now entwined and more complex. Dividing these disciplines:
- Prevents institutions from creating a common framework to manage compliance
- Hinders management’s ability to develop a unified risk appetite
- Limits the ability to report on cross-functional issues
- Requires more time to accumulate data across various business functions, resulting in isolated business decisions made by each function, instead of enterprise-wide
- Prevents auditors from establishing a universal view of the business
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NAVEX’s GRC software and compliance management solutions support the integrated risk, ESG and compliance management programs at more than 13,000 organizations worldwide.