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In today's highly regulated and complex business environment, corporations are required to manage compliance of numerous global mandates, including legal, regulatory, and industry standards. Similarities across these mandates create overlapping management, documentation, internal controls and audit demands, which can overwhelm efforts to effectively identify and manage corporate compliance risk.
Historically, organizations have approached and managed compliance on a reactive, ad-hoc basis. With this approach, the cost of compliance continues to increase while effectiveness of the program and visibility into areas of risk continue to decrease. As regulatory pressures continue to mount, businesses are adopting a more comprehensive and risk-based view of the organization's legal and regulatory responsibilities. Taking a more practical, cross-regulatory approach, businesses are able to alleviate increasing cost and complexity and gain valuable insight into risks that could affect corporate performance in the form of legal action, fines and penalties, or damage to a company's reputation.
As part of the OpenPages Platform, OpenPages GCM (General Compliance Management) is a key building block in implementing an enterprise-wide, integrated approach to risk and compliance management. OpenPages GCM empowers organizations to eliminate silos, sustain compliance across multiple regulations and reduce redundancy and duplication of effort.
OpenPages GCM delivers a policy and mandate-oriented way to manage and monitor compliance through end-user surveys and questionnaires, risk and control assessments, control testing, key performance indicators and issue remediation. Additionally, executive dashboards and reports provide management with the visibility and decision support required to plan for, prevent, or mitigate compliance risk and optimize business performance.
Policies and procedures are an essential component of an effective compliance program and critical for driving compliance requirements and corporate objectives into daily business operations. OpenPages' policy management capabilities support the full life cycle of a policy including authoring, change management, review and approval, awareness and attestation, adherence monitoring, exception tracking and reporting. Businesses can map policies and procedures to laws and regulations, as well as create a harmonized controls framework that supports compliance with both internal policies and external mandates. OpenPages also enables global companies to create a centralized library of policies which can then be modified at the local level to suit unique requirements, while still maintaining the core policy information centrally.
OpenPages enables businesses to improve efficiency of managing policies and procedures. Workflow capabilities can automate internal processes such as policy review and approval, policy distribution and exception management. Executive-level dashboards and reports provide increased visibility into policy compliance, gaps and exceptions. In addition, businesses can easily provide regulators proof of policy existence and evidence of policy awareness and compliance.
Managing interactions with different regulators is a crucial activity for businesses but one that is often time consuming, manual and inefficient. OpenPages enables companies to more efficiently track and manage regulatory interactions, examinations and audits within the same integrated regulatory compliance and policy management solution. OpenPages GCM reporting and analysis allows for detailed status tracking of all activities, including tracking response time for satisfying regulator inquiries. Manual business processes, encompassing pre-examination requests, on-site requests, and internal review and approvals of responses can be automated through workflow.
OpenPages' incident management capabilities enable compliance managers to track compliance incidents and ethics violations through their life cycle of capture, escalation, investigation and resolution. Businesses can enforce a systematic approach to managing and responding to incidents, as well as map incidents to the affected business units, regulations and policies, providing a comprehensive understanding of the financial, business and regulatory impacts. Reporting and analysis provide executives and compliance managers with visibility into the complete case management process and high risk incidents.
To read more about compliance management, visit our blog. For questions about OpenPages' General Compliance Management solution, please click here or call us at 781.693.5999.
