Ed Sattar

The human brain is one of the most wonderful and sophisticated devices in the world. It serves as a hard drive, RAM, and processor all at the same time. It has the capability to obtain new information, store it, process it, analyze it, and execute decisions based on the analysis. The total computational power of the human brain is still being determined, and not even the most powerful super computer in the world can come close to it in terms of speed and capability.

The human race has had access to such a powerful tool—for free—throughout the ages. With its help, we have learned how to conquer the elements around us and create machines and devices that make our lives easier, and further our cause of exploring this world and then the universe. All of that has been made possible due to learning and education.

Let’s take a closer look at how cognitive learning relates to the modern techniques of education, specifically online education.

What Is Cognitive Learning?

Cognitive learning can be described as learning through experience. When your child reaches a certain age (18 months or above), one day he or she picks up your phone, holds it close to their ear, and start babbling into it, because they have seen you do the same many times. They observed you do something, and tried to imitate the behavior. In short, they learned it through cognitive learning. Other forms of cognitive learning include learning through the five senses: watching, smelling, touching, tasting, and hearing. The knowledge you acquire through reading is also part of cognitive learning.

The Two Different Aspects of Cognitive Learning Theory

Cognitive learning is further categorized into two different aspects: social cognitive learning and cognitive behavioral learning. Social cognitive learning is more in line with the example I just discussed. It is based on observing and imitating the behavior of people around you. This kind of learning is not limited to human infants and toddlers. In fact, there are some species of animals who can imitate behavior as well.

Cognitive behavioral learning deals with cognition and behavior. Cognitive behavioral theory explains an individual’s behavior as a function of their self-concepts. It explains behavior and learning as a result of three variables:

1. your views about yourself
2. your views about the world
3. your views about the future.

Because the cognitive behavioral theory deals with negative views that one forms about the self, the world, and the future, it is mostly used in many therapy techniques to help people recover from addictions. Many institutes use this theory as a foundation for their therapy sessions to educate their patients about controlling their behavior.

How Cognitive Learning Theory Applies to Online Education

With the help of new technologies, web-based learning environments are not that different from a classroom environment, especially if you opt for instructor-led learning and participate in live classes with an instructor. Much like in a classroom environment, students learn a lot from social interaction in a web-based environment. However, getting students to collaborate with each other and work on group projects in an online environment is a difficult task.

Based on my experience leading two different companies—360training, which focuses on regulatory compliance and continuing education, and QuickStart, which focuses on IT Skills training—I’ve learned that students prefer to work on individual assignments rather than group assignments. This is mostly because they think of group work as something they would expect in a degree program, not during a professional certification course, and it is difficult to get hold of other students located in different time zones.

Promoting group work and collaboration amongst participants in an online learning environment, in a way, goes against the whole idea of learning at your own pace, which is one of the biggest selling point of the e-learning industry. Most of the learners we work with are busy people; they are professionals who work full-time jobs and are pursuing online education to learn new skills and grow in their careers. Therefore, we are very careful when it comes to planning groupwork and collaboration that’s included in the course outline. However, we have been successful in peer-to-peer learning through our social learning platform, which is one of the main objectives of group work.

Another important aspect of the cognitive learning theory that we apply to e-learning is self-regulation. Students with higher self-efficacy and motivation naturally do better than students with low self-efficacy. In an online environment, it comes down to the instructor teaching the course to engage every student and encourage those who are not actively participating in the learning sessions. The teachers must identify such students and reach out to them to help them achieve their goals.

The Future of E-Learning and Education

By the year 2025, the global e-learning industry is projected to grow to the size of $325 billion. As more and more countries around the world gain access to high speed internet, elearning will continue to grow at a rapid pace. While studying from the convenience of your home and at your own pace are the two biggest advantages of e-learning, there are also many other factors that make it an attractive option for students.

Case in point: it can be argued that e-learning platforms that foster peer-to-peer learning, provide instructor mentoring, social learning, and multi-device learning. What’s more, just-in-time learning using artificial intelligence are a better option for students who want to study in an isolated environment with minimum distractions. This is particularly true for IT professionals interested in advancing their careers through certification training or meeting regulatory compliance training requirements.

Furthermore, no educational institute of the world can compete with the internet when it comes to the variety of courses and certifications that are on offer. Elearning also puts a different spin on homeschooling and self-learning, and empowers the student to use their own style of learning rather than conforming to the usual methods of teaching.

It can been argued that the cognitive learning theory, and the teaching techniques associated with the theory, may be too outdated to apply in an e-learning environment. However, in my opinion, the way people absorb, process, and retain information remains the same, and e-learning opens up a lot of opportunities to use artificial intelligence and other instructional technologies for improving conventional teaching methods.

Leadership is a trait that comes naturally to a lucky few. The rest of us have to work for it. To work towards becoming a good leader, you first have to analyze your skill set, see where you are lacking in your personal and professional capabilities, and then work on leveraging your strengths vs weaknesses.

In my opinion, a leader needs to be courageous, disciplined, and persistent. It is not easy though. You need to identify the right things to do in every situation and make decisions on the go. You need to be able to resolve conflict, keep your eye on the ball, and create win-win situations every time you find yourself in a tricky situation, which will be a lot.

All of these qualities are hard to acquire, and that’s why there aren’t as many great leaders in the world as we would like to be.

“Managers do things right. Leaders do the right thing.” -Warren Bennis

So what can you do to develop yourself as a leader You need to focus on the following skills:

Be Good At Communication

Communication is how you get people to believe in what you believe. It is not just about telling them what to do. You have to make it a conversation where you listen to what they think, acknowledge good ideas, and share your vision with them. If you are trying to move from middle management to a c-suite position, you need to be great at communication.

Know How To Motivate Yourself

You need to be able to motivate yourself, influence and inspire others. When most people speak of motivation from a leadership point of view, they automatically make the assumption that leaders are motivated at all times, and he or she only need to motivate others. However, that’s not always the case. We make this false assumption because we only look at the success stories, the Steve Jobs and the Elon Musk’s of the world. An average person, when placed in a position of leadership, does not automatically acquire the ability to remain motivated. You first need to know exactly why you are doing what you are doing, find motivation in setting goals and achieving them, and then find ways to motivate your team. I have said it before and I will say it again, life is all about self-discovery. You first need to find out what motivates you before you set out to achieve the mammoth task of motivating others.

Know How to Inspire & Motivate Others

People are motivated by different things. Some want money, some want recognition, some want to put great accomplishments on their resume, and so on. People’s motivations are influenced by a number of things, such as where they are in their lives, their financial responsibilities, and their long-term goals. In some cases, members of your team will not be self-aware, and it will be your job to help them discover what motivates them and inspire them to achieve those objectives.

People who are motivated by money are the easiest to work with – you just have to give them a quantifiable goal and they will do what needs to be done to get to that pot of gold at the end of the rainbow. However, you’ll be surprised to know that money does not motivate most people.

You need to cultivate a culture of motivation and inspiration in your organization. A culture where good performance is acknowledged and appreciated in a timely manner, and the fear of failure is non-existent. You can do that by empowering your employees to make decisions, and encouraging them to appreciate good performance from their colleagues and subordinates. A culture where taking initiatives and failure is not penalized.

Be Persuasive

Those days where you have to do these guys a certain way because I am your boss and I am telling you to do it are long gone. Inspiration through persuation is what’s required. Persuasion is a skill that is difficult to master, but once you have that in your arsenal, you will be able to get things done in a swift and efficient manner. To be persuasive, you have to learn to say no, learn how to initiate and carry out difficult conversations, and develop consensus over important issues. You also have to be a good listener and learn to have two way communication as opposed to yelling out orders and expecting others to follow them.

While there are a number of other qualities that leaders are supposed to have, I believe communication and inspiration & motivating others are the pre-requisites to being an effective leader. Keep working on these qualities, and you will soon notice a visible difference in your performance and that of your team.

More to share in my next blogs.

Without a shadow of a doubt, Artificial Intelligence (AI) and Automation are the best things that have happened to the world of technology. By making use of AI, developers have been able to create automated software which has made the tasks a lot easier for organizations. AI embedded in software can help in making decisions which cuts down on the requirements of resources.

Artificial intelligence makes use of “Big Data” and predicts the outcome of scenarios which is vital in the working of a risk management system. The potential of AI software is incredible and they have been used for performing a large number of tasks. Given the wide scope of applications in which they can be used, the incorporation of AI powered software has increased in the recent past. The use of AI in Regulatory Change Management has been quite fruitful for a large number of financial setups like banks.

What is Regulatory Change Management?

Regulatory Change Management (RCM) is a process created for ensuring that the organizational policies, procedures, practices, and controls are always aligned with the changing regulations and standards devised by the relevant regulatory authorities or bodies.

Implementation of Regulatory Changes

Abiding by the rules is critical for coherent operation within the system. When a financial organization like a bank goes through a change, regulatory bodies impose a set of regulations which need to be followed in order to maintain integrity of the system. These rules and regulations frequently change over a period of time with the addition of new operations to the mix. It is not easy to impart knowledge of ever-changing list of policies to the employees.

Bringing in automation to the system via Regulatory Change Management Software that has inbuilt artificial intelligence (AI) is a great way to cope up with the increased rate of rule changes. Automation not only improves day to day operations by making RCM more efficient, it also helps in cutting the cost of compliance and gives businesses the confidence to make better decisions.

Benefits of Automated RCM Software over Other Methods

For a long time, manual methods were used to predict trends by studying data. As a human mind can only think within certain limits, it is almost impossible to create a Regulatory Change Management system that can be both reliable and robust at all times and in every situation. The many advantages of automated Regulatory Change Management software are listed below:

1. Provides Notification for Better Collaboration

By making use of AI powered Regulatory Change Management Software, an organization can track regulatory updates from different sources. This software is also useful in an enterprise like a bank as it facilitates the process of automating impact assessments, triggering alerts, documenting actions taken and setting tasks to take action to process and policy updates.

2. Cost-effective and Time Saving

Automating and streamlining Regulatory Change Management Software processes enables businesses to track regulatory changes in a better way. An automated Regulatory Change Management program powered by AI is a comprehensive tool that not only updates itself with latest changes in the regulations; it also delivers notifications to the affected business units and informs them about the new changes in time. It makes impact analysis simple and keeps itself updated through collaborative workflows. With the deliverance of updates in time to the correct department, it saves time and resources and thereby helps in cutting costs.

Regulatory Change System Software

An independent enterprise or a financial institution like a bank should procure an automated Regulatory Change Management Software for serving the interests of employees and managers.

Predict360’s Regulatory Change Management Software is the perfect tool for managing regulatory changes imposed by a regulatory body. It is licensable as a standalone web-based application and can also be procured as part of an integrated regulatory change management and learning management solution. This software is built on AI technology which helps in creating an automated process. It centralizes regulatory library with consistent taxonomy. It also performs the task of automating the translation of the regulations and creates an applicability of the regulations process which helps an organization to map and apply regulations to location, branch, or asset.

For more information about Regulatory Change Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit http://www.360factors.com/.

Rules and regulations have always been fundamental to the integrity of a system. Whether it is a financial enterprise like a bank or a health care institution like a hospital, following the rules is what makes a system work consistently.

The policies and laws inherent to a system are written and enforced by concerned regulatory bodies. These bodies ensure adherence to laws, regulations, guidelines, and specifications. Some prime examples of regulatory compliance laws and regulations are listed below:

1. Federal Information Security Management Act (FISMA)
2. Dodd-Frank Act
3. BSA/AML Regulations
4. Payment Card Industry Data Security Standard (PCI DSS)
5. Health Insurance Portability and Accountability Act (HIPAA)

Any violation of regulatory compliance regulations can result in legal punishment, which may be imposed in the form of a federal fine. As it is very much possible for employees of an organization to overlook a regulation and flout the rules, there is a clear need for a Regulatory Change Management system that can properly manage and enforce regulations in a particular organization.

Regulatory Change Management and Need for Automation

Regulatory Change Management (RCM) is a process that ensures organizational policies, procedures, practices, and controls are always aligned with the changing regulations and standards devised by the relevant regulatory authorities or bodies.

As the rules and regulations are frequently updated by regulatory bodies, it becomes very difficult to learn, understand and impose the newly created polices. Making use of rudimentary methods for regulatory compliance management just isn’t sufficient anymore. Automation is required for mapping and enforcing the regulations efficiently. You can automate a Regulatory Change Management system by making use of AI powered Regulatory Change Management Software. The Artificial Intelligence (AI) powered software makes use of “Big Data” and analyzes trends in a particular organization. By deciphering patterns, it makes effective decisions which go a long way in minimizing risks for the whole enterprise.

How to Ensure Regulatory Compliance?

Achieving complete regulatory compliance is quite difficult as it requires an organization to be rigorous in the planning and execution of policies laid down by a regulatory body. Making use of AI powered software like Predict360’s Regulatory Change Management Software can be the first step in making sure that your organization is always compliant with the updated regulations. AI powered software can help an organization in the following five ways for ensuring compliance:

1. Triggering Alerts and Automating Impact Assessments for Better Collaboration

The Automated Regulatory Change Management Software can help an organization in tracking regulatory updates from multiple sources. It is also useful in an enterprise as it facilitates the process of triggering alerts, automating impact assessments, and setting tasks to take action on process and policy updates.

2. Disseminating Information to Different Departments with Automatic Notifications

Automating and streamlining Regulatory Change Management processes enable businesses to track regulatory changes in a better way. It sends automatic notifications to the affected business units and informs them about the new changes in time. The simplified impact analysis and updates through collaborative workflows and effective task management makes Regulatory Change System Software makes this software really useful for the whole enterprise.

3. Analyzing Trends and Patterns for Making Better Decisions

Automation not only improves day to day operations by making Regulatory Change Management more efficient, it also helps in making better decisions. AI powered software analyzes trends and patterns, and makes much better decisions than a human mind.

4. Mapping of Tasks and Determining the Effects of Changed Requirements

Automated RCM software can easily map regulations to different departments and ensure that the employees are kept abreast of all the relevant information. As employees have the required information, they are less likely to oversee a regulation and flout the rules. This functionality is critical for an organization when it comes to minimizing risks. It also performs the task of automating the translation of the regulations and creates an applicability of regulation process which helps an organization to map and apply the regulations to location, branch, or asset.

5. Providing Valuable Insight for Effective Risk Management in Future

The Regulation Change Management Software is not only good for managing risks in the present; it also offers insights that can be used for proactively minimizing risks for the future.

Predict360’s Regulatory Change Management Software is the perfect tool for ensuring regulatory compliance in an organization. It is licensable as a standalone web-based application and can also be procured as part of an integrated regulatory change management and learning management solution. It uses Artificial intelligence (AI) technology, which centralizes regulatory library with consistent taxonomy.

For more information about Regulatory Change Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit http://www.360factors.com/.

Understanding the risks that exist when using a vendor’s product or service is crucial for proper operation of an organization. The risks become even graver when a vendor starts handling your core business functions that include access to customer data. In these scenarios, it becomes the job of the concerned organization to ensure that the vendors follow expected quality standards without causing any risks to the company.

Regulatory Compliances and Vendor Risks

Regulatory bodies create and enforce compliances for the systematic operation of an organization. When rules are not followed by enterprises, regulatory bodies punish them with fines. The risk of a fine and the fact that a vendor’s infraction may tarnish your company’s name is just too much to bear. Rudimentary methods like filling up checklists are just not sufficient anymore and there is an urgent need for a better solution. Hence, a Vendor Management System has become extremely important for organizations.

How Risks Can Creep into a System Without a Vendor Management System?

When dealing with vendors, first impressions can sometimes be deceiving. Initially, they may look like good prospects, but after prolonged dealings you may find them to be lacking in some aspects. The moment you hire a vendor, from that moment onwards your organization is susceptible to risks. Any kind of failing on the part of a vendor can directly impact the operations and prestige of your organization. Vendors may offer good services in the beginning, but after regular dealings they may become complacent and start taking your business for granted. Without a Vendor Management System, it is highly likely that a vendor may break rules and create problems for your organization. Making use of an AI powered Vendor Management Software can be the perfect solution for this problem.

The Reasons Why You Should Use Vendor Management Software for Eliminating Risks

AI Powered software for managing vendors like Predict360’s Vendor Management System can go a long way in eliminating risks from a system. Artificial Intelligence (AI) analyzes trends and predicts patterns. This allows an organization to be proactive in their approach while selecting vendors. By analyzing vendor data, it helps you in making the right choice, every single time. The many reasons why you should select a Vendor Management System are listed below:

1. Allows you to Distribute Access Rights and Centralizes Vendor Information: The AI powered Vendor Management System allows you to assign access rights and roles to different users in the system depending on their respective responsibility. This software can be used for accessing all the information on suppliers, procurements, contracts, and reviews at one place. It can also be used for tracking and monitoring your contracts and other important vendor documents.
2. Allows you to Compare Client Relationship with Risk Index: This software can manage risks and also analyze the effects of vendor relationships on your organization’s risk index.
3. Helps in Streamlining the Process of Vendor Risk Assessment: Making use of AI, this automated software executes corrective and preventative actions directly from the results. This helps in better assessment risks in all regulatory compliance functional areas such as finance, operations, and quality management.
4. Reduces Risks Effectively by Making the Process Simple: By looking at vendors as a total portfolio, the Vendor Management Software provides an effective way to manage vendor resources. You are able to view and analyze vendor resources as a single segment which takes away the complexity of monitoring a large number of individual vendors.
5. Makes Use of Artificial Intelligence and Cuts Down on the Number of Resources Required: Using obsolete methods for managing vendors like spreadsheets and checklist are not very effective in managing risks within an organization. These methods require you to have sufficient manpower to complete the tasks. As this tool is powered by AI, it performs all the functions without any requirement of additional human resources. This helps in cutting down the number of resources required for managing risks effectively.

The AI powered Automated Predict360’s Vendor Management System is the ideal tool for managing vendors in today’s world. For more information on Vendor Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit http://www.360factors.com/.

If you observe the results of various regulatory compliance surveys across multiple industries, the results of most of the surveys are pretty similar, however some of the results were quite disturbing. When asked about top management’s perception towards regulatory change management and regulatory compliance, management viewed it as a necessary evil and you would see comments such as:

“management views regulatory compliance as a deterrent to making the firm’s revenue objectives,”

“there is inadequate commitment from senior executives,”

and

“there is inadequate authority and empowerment from senior management,” etc.

This indicates that many firms, irrespective of which industry they are in, do not consider their firms to be complying with the requirement and do not provide the necessary authority, empowerment, independence and adequate resources to their regulatory compliance professionals to meet regulatory compliance objectives.

 

I am not going to get into the consequences on non-compliance; that is another topic all together. This blog will focus on what top management needs to do mitigate their risks, increase reliability and sustainability.

The key is that top management needs to change the way they think and that begins with a belief system. They need to believe in the fact that effectively addressing regulatory change management issues will reduce their risks, increase reliability, sustainability , quality and yield a ROI long-term in the form of reduced OPEX, increased efficiency and productivity, margin expansion resulting from employee safety, reduced employee turn-over and building quality products. Once the belief and commitment at the top is there, management will chase the right activities that meet regulatory change management and corporate objectives.

Predict360’s Regulatory Change Management Software is built on artificial intelligence (AI) technology, which centralizes regulatory library with consistent taxonomy and automates the translation of the regulations as well as create an applicability of regulations process as to which regulations apply to which location, branch or even an asset.

About the Company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

360factors EHS Services offers environmental consulting services in the areas of water, waste permitting and compliance, site investigation, and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management. Its Managed Services incorporate outsourced risk and compliance services using Predict360.

Remain up-to-date on industry news / updates through our Twitter & LinkedIn profiles.

 

Bank regulators are constantly promoting the fundamentals in implementing an effective Anti-Money Laundering Program. However history has shown that banks are having difficulty in implementing a sound Anti-Money Laundering (AML) Program due to numerous reasons such as lack of resources, small oversights or lapses in controls such as KYC or enhanced due diligence processes, customer and third party risks, regulatory scrutiny, and so forth.

So how does a financial institution achieve a suitable line of defense when it comes to Fraud and Money Laundering?

Well, it all begins with the financial institution’s foundation of compliance, also known as the “Culture of Compliance.” Roles and responsibilities need to be identified and the board of directors need to take an active stance in implementing the compliance program, in turn creating a strong governance structure. Second, ensure resources are aligned effectively to manage high risk factors including customers and products. Third, incorporate technology to effectively implement your compliance program. This can include monitoring or compliance management solutions that can enhance your compliance team’s performance, speed up your processes through automation, and above all improve accuracy in reporting Key Performance Indicators or Key Risk Indicators. Finally, a sound AML Program also incorporates possible risks and processes for mitigating those risks. Risk Assessments must be conducted on an ongoing basis to identify all risks. The assessments tie into the AML Program and identifies key actions to be taken by the financial institution.

360factors provides a regulatory risk and compliance management software platform and advisory services to help regulate BSA/AML, OFAC complaints management, and other compliance needs through a simple yet effective regulatory risk and change management model and methodology.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

360factors EHS Services offers environmental consulting services in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management. Its Managed Services incorporate outsourced risk and compliance services using Predict360.

 

Remain up-to-date on industry news / updates through our Twitter & Linkedin profiles.

*All images are property of their respective owners

Imagine that you are about to take a drive to a place you have dreamed of going your entire life and you have the following two options:

Option 1 Your suitcases are packed in the car, and all you have to do is put your key in, turn the car on, keep an eye on the dashboard every now and then, and drive. Your focus is on the road ahead that leads to your final destination.

Option 2 Instead of just turning a key and watching the dashboard, you are in charge of making sure each car part is working properly at all times. You constantly need to check the engine, the fuel level, the lights, the transmission system, the exhaust system, the safety system, the braking system, the steering system, and every other system that makes a car function properly.

Which option you will choose for your drive? Obviously, option 1 as it will lead you to your destination in the most quickest and safest way.

When it comes to Governance, Risk and Compliance, there are multiple tasks and systems to manage that lend themselves to human error if not handled with immaculate care and immeasurable attention every, single day. For a business to achieve success, it needs to have everything from regulatory change management, risk management, audit management, vendor management, compliance automation, performance management, document management, a reliable training system, all the way to connection with compliance experts. This vast amount of system requirements makes it extremely difficult to focus on that final destination of company goals.

An automated, integrated process, similar to the way a car’s systems all work together, is practically a necessity in order to truly thrive and focus on the objectives that the company was originally created to complete. Rather than giving in to the possibility of populating an excel spreadsheet incorrectly or skipping a procedural step due to a lack of attention, it is time to incorporate the all-inclusive system that makes work a joy ride.

PREDICT360, Enterprise Risk and Compliance Management Software Solution, revolutionizes the simplicity of GRC management. It is a cloud-based system with multiple modules, such as:

• Regulatory Change Management
• Risk Management
• Document Management
• Compliance Management
• Learning Management
• Vendor Management
• Performance Management
• Safety Management
• Quality Management
• Anonymous Hotline Reporting
• Expert Connect
• Environment & Sustainability

It is vertically integrated into one, simple platform that includes a fully customizable dashboard to display the exact information you prefer to see.

About 360factors Inc.

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

360factors EHS Services offers environmental consulting services in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management. Its Managed Services incorporate outsourced risk and compliance services using Predict360.

 

Remain up-to-date on industry news / updates through our Twitter & Linkedin profiles.

*All images are property of their respective owners

Is integrated GRC an all-or-nothing proposition?

The challenge of integration often relates to cultural boundaries within an organization rather than conceptual or technical issues. GRC processes are unique in relation to operating processes. Changing markets and a continuing stream of new laws and regulations spanning decades have driven an ad hoc and reactionary evolution of new policies and procedures in many organizations. Often, internal and external pressures result in these changes being completed at such a pace that the “new” policies and procedures are added onto the existing structure. Ultimately, this ongoing spiral of change has led to complex accountabilities, the growth of silos, inefficient communications, decreasing organizational transparency and poor data that you can’t trust to make critical decisions – all leading to a higher cost of risk and compliance.

How Integrated GRC Provides Value

Integrating GRC is about bringing people together to manage toward common goals through common processes while sharing resources and coordinating plans. Today’s business environment is too dynamic to reach a static state of integration – as if that is the end game. The goal is to develop a culture that promotes collaboration and communication across multiple functions, people, and views integrated GRC as a continuously improving process – not an end state. Many companies don’t know their total cost of risk and compliance management because the management of risk and compliance is not integrated and there is a lack of transparency when it comes to how the underlying GRC processes are performing.

Ultimately, an integrated GRC platform based on artificial intelligence facilitates a more effective allocation of resources, resulting in improved business performance over the longer term. To achieve these results, it is essential to align risk and compliance practices with strategy-setting and performance management. Yet, the value can be achieved all along the GRC program maturity continuum.

How can we help?

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates all risk, compliance and operational functions allowing companies of all sizes to manage regulations and requirements, policies and procedures, risks and controls, audit and inspections, and on-line training and qualifications, in a single cloud-based platform. It enables automation through artificial intelligence. 360factors also offers consulting services in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management. Its Managed Services incorporate outsourced risk and compliance services using Predict360.

 

Remain up-to-date on industry news / updates through our Twitter & Linkedin profiles.

*All images are property of their respective owners.

Everyone knows staying compliant saves money. It prevents hundreds of thousands of dollars in regulatory fines. Beyond that, it seems that compliance only costs money. Time, effort and dollars go into keeping your organization compliant. If this is how you feel about your compliance program, there’s probably room for improvement. A compliance program should be saving your organization money.

Save on Reputation

A program that is out of compliance not only runs the risk of getting fined by regulators, it runs the risk of having those negative issues published to the media. Public media embarrassment could cost your organization in more ways than one. Having your reputation tarnished could ultimately result in losing customers, prospective employees and the time and money it takes to repair that reputation.

Employee Injury

There are many employees who have direct contact with regulated practices and thus, need to be trained. Without this key aspect of a compliance, program organizations are increasing the risk of employee injury. Employers pay almost $1 billion per week in workers’ compensations costs alone. A top-notch compliance program should provide constant training for employees and aid in discovering compliance mistakes before they happen. Ultimately, an adequate training and education program will help save on employee injuries and paid leave.

Greater Efficiencies

In addition to keeping employees safe, having an adequate training program and organized management plan helps streamline your program, make it more efficient and ultimately save on labor and process issues. The best compliance programs are those that not only teach the employee what to do but results in buy-in from the employees. Employees will help keep your program compliant rather than hinder it. One way to improve your program’s efficiencies is by developing a compliance calendar. This will help to report and assure regular tasks are done in a timely manner.

Get Your Free 30 Day Trial of Compliance Management Software Now!

How can we help?

360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates all risk, compliance and operational functions allowing to manage regulations and requirements, policies and procedures, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform. It enables automation through artificial intelligence. 360factors also offers consulting services in the areas of air, water, and waste permitting and compliance, site investigation and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management. Its Managed Services incorporate outsourced risk and compliance services using Predict360.

 

Remain up-to-date on industry news / updates through our Twitter & Linkedin profiles.

*All images are property of their respective owners.