Quantcast

Governance and Compliance: Mitigate Risk in 6 Simple Steps

How can you be an innovative business when you need to ensure governance and compliance for every process hosted on your technology platform? It’s a difficult balancing act. In our recent survey of 500 business leaders, 92% reported at least one tension within their organization, with ‘innovation vs compliance’ and ‘process vs vision’ highlighted as complex areas.

 

The trick is to see these priorities as complementing, not competing with, each other. Then governance becomes a part of innovation, not an obstacle. Compliance is more than just about helping your company to avoid fines and mitigate risk. A compliance-first approach can build trust, save time and help you react quickly to changes in technology, laws or customer expectations.

grc governance.JPGIf you want to take your digital governance beyond simply adhering to regulation and use it to drive and unite your business, then you’re in luck! We’ve laid out six simple steps to follow so that you can make your business more secure, more efficient and more responsive.

 

Your 6 steps to digitize governance and compliance

1 – Take a compliance-first approach

A lot of companies suffer from trying to retrofit compliance. The truth is, this can leave them on the back foot. It’s also why compliance and governance are sometimes seen as a barrier to getting new approaches to market. But if you design compliance into your processes by default, you can mitigate risks without slowing projects down.

For example, automating processes not only ensures regulation but is also more efficient than manual processes. And by deploying an agile platform, you’ll always be ready to respond to new rules or new business needs. Speed’s important to business. But if new products, channels or processes don’t comply by design, a step forward can soon turn into two steps back.

digital governance and compliance

 

2 – Get the complete picture

In our survey, system complexity ranks highly in the list of challenges for compliance. When the systems, data – and people – of an organization are fragmented, it’s hard to get a complete view. This makes it hard to ensure you comply with the rules you’re set by regulators – or those you set yourself, for that matter.

A digital business platform can wrap your existing IT systems and pull in data from all of them. With this in place, you see the full story. You can then model and evolve processes to make compliance an integral part of how your organization does business. 

 

3 – Don’t leave your legacy. Take it with you.

legacy system GRC.JPGYour data doesn’t have to be in one place, as long as you can see it in one place. There’s no need to rip and replace IT when you can access the information you need in the way that you want.

For example, you might have a legacy ERP system that holds important data but is hard to flex to the needs of your business. You can wrap it in a more agile digital business platform that’s still able to draw data out of your older system – or write data back to it.

An important principle is to free the value locked inside your legacy systems. To do this, identify the pain points. Then find out how to work around them.

 

4 – Start small. Scale quickly.

small breakthroughs grc.JPGTrying to change too much, too quickly can backfire. The most effective change often comes from small shifts. People pick up on this instinctively. It’s why 82% of our respondents think small digital breakthroughs create momentum.

There’s another argument for this kind of iterative improvement. You get to see what works best before you fully commit. You can then scale quickly once you know something has value.

This approach is also effective for executives who need to show success to justify funding for further initiatives. In today’s world, small successes are key to continued sponsorship.

 

5 – Unite the business

integrated approach grc.JPG

A lack of collaboration between departments is a common problem. Our research shows it is one of the main barriers to digital progress. It’s critical to overcome the issue, because real commercial impact comes from different parts of a business working as one.

The best digital leaders bring the right people together from across the business. But you need mechanisms in place to make this happen. This often means digital tools that give people a clear, shared view and enable them to co-experiment with ease and speed.

 

6 – Lead, but empower too

People seek digital leadership. In fact, 30% of all respondents chose ‘lack of digital leadership’ as their top challenge. But leadership doesn’t mean dictating exactly how to digitize. It means creating conditions in which people can put digital to work themselves.

Part of this involves education and skills. And part of it involves tools and giving people the freedom and space to experiment, collaborate and co-create. 82% said that they would like to be more self-sufficient with digital, so they can make a bigger impact on behalf of their function and their business. Give people the opportunity and they’ll take it.

The extra benefit of this kind of leadership? It reveals the people and projects that are already creating processes that make a real difference. You can then support them to add further value.

This article is based on a larger research report. So if you’d like to learn more about how to digitize your customer engagement strategy, why not download our complimentary report: ‘Make your Breakthrough in Governance & Compliance.’

Digital Process Automation

Why Your Shared Services Center Needs Automation 

Agile & Low Code

Low-code and No-code Platforms: Which Approach Should I Use?

Process Modeling and Mapping

Process Documentation Examples: Tools, Use Cases & more

Agile & Low Code

[Infographic] Low-code vs No-code: What’s the Difference

Agile & Low Code

The Citizen Developer Revolution: How to Enable and Support Developers

Digital Transformation: Technology

What is Hyperautomation and How Could It Help Your Business?

Man wearing headphones working on laptop at desk in empty office Finance Solutions

The Benefits of Audit Automation: Real-Life Examples

Use Cases

AP Automation: Getting Started with Accounts Payable Automation 

Process Modeling and Mapping

Process Mapping vs Process Modeling: What’s the Difference?

Cardboard boxes on a conveyor line in distribution warehouse Use Cases

Automation Success Story from Deutsche Post DHL Group’s Shared Services Hub

Infographics

[Infographic] Bridging the Gaps in Financial Services

Agile & Low Code

Low-Code Automation: The Benefits

Supply chain truck on road Manufacturing

Supply Chain Automation: What is it and How Can it Benefit Me? 

Financial Services

5 Ways to Empower Financial Services Employees with Automation 

Infographics

[Infographic] Automate to Innovate in Manufacturing - 3 Essential Strategies

Finance Solutions

What CFOs Really Think About Automation in Finance

Businessman using a digital tablet to discuss information with senior leadership in a meeting. Business partners discussing plans. Mature boss and young business man working together in office. Financial Services

Transforming Approval Processes in Financial Services: Real-Life Examples

Process Modeling and Mapping

What is Process Mapping? Benefits and Examples of Process Maps

Business Analysis and Strategy Digital Process Automation

What is Business Process Automation (BPA)?

Confident smiling businessman using smartphone in office Intelligent Process Automation

Process Automation ROI: How to Calculate Yours

Workspace with Blank Computer Screen Agile & Low Code

What is Low-Code Automation and How Could it Benefit You?

Digital Process Automation

Automation Predictions for 2021 and Beyond

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Process Modeling and Mapping

What is Process Modeling? 6 Essential Questions Answered

Process Modeling and Mapping

What is Process Improvement? Methodologies to Help Your Business

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Finance Solutions

5 Reasons for Automating the Procurement Process

Digital Process Automation

3 Ways Process Automation Can Aid Your Business Recovery

HR & Employee Experience

4 Ways to Deliver Change Management for Process Automation

Depressed frustrated trader tired of overwork or stressed by bankruptcy, sad shocked investor desperate about financial crisis or money loss, upset businessman having headache massaging nose bridge Business Continuity

4 Technology Priorities for Enterprises Preparing for Economic Downturn

Digital Transformation: Technology

The Building Blocks You Need for Digital Transformation

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Robotic Process Automation

How to Use Bizagi and RPA to Achieve True Digital Process Automation

Financial Services

3 Processes Ripe for Automation in Financial Services

Governance & Compliance

5 Governance, Risk and Compliance Automation Templates You Can Use Right Now

Digital Transformation: Strategy

Digital Transformation Strategy: Get it Right & Become a Digital Master

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Healthcare

3 Ways to Ensure Data Security in Healthcare

Customer Experience & Engagement

The Customer Journey: How to Capitalize on Critical Moments

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Healthcare

Telemedicine: Meet Customer Expectations in Healthcare with AI

Digital Transformation: Strategy

[Infographic] 3 Ways to Tackle the Tensions Around Digital Transformation

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Financial Services

Rescue Insurance Policy Administration with AI & Process Automation

Person sat in front of laptop taking bank card out of purse Financial Services

How AgFirst Ensures Compliance in the Finance Industry using Process Automation

Governance & Compliance

[Infographic] 4 Ways to Reduce Risk & Keep Your Business Compliant

Financial Services

Insurance Claims Process: Don’t Leave Your Customers Waiting

Digital Transformation: Strategy

Digital Operations: Transform your Business in 6 Simple Steps

Customer Experience & Engagement

[Infographic] 3 Ways to Transform Your Customer Engagement Strategy

Financial Services

Banking Fraud Prevention: System Silos Create Gaps for Criminals

Customer Experience & Engagement

Contextualization: The New Rules of Customer Engagement

Financial Services

Insurance Onboarding: The Key to Lasting Customer Relationships

Governance & Compliance

Why Agility is The Key to Regulatory Compliance

Use Cases

Lotus Notes Migration: Modernizing Your Applications with Bizagi

Financial Services

Blockchain: The Fuel to Energize Your Financial Services Transformation