Digitalization and Compliance Management – Implementation Made Easy with the GRC Suite from ADONIS NP

The needs and benefits of having an independent compliance officer and a compliance organization are undisputed. Only those who integrate and anchor their Compliance Management System within the organization, can generate added value for the company.

Compliance Management has evolved into a strong governance partner, and not only because of legal needs. In addition to Risk Management and Internal Revision, Compliance Management basically serves as damage prevention to the organization and/or manages compliance risks in greater detail. Examples of such risks include bribery, conflicts of interest, violations of laws or regulations, antitrust violations, data breaches or tax evasion. The modern understanding of Compliance Management encompasses not only compliance with external requirements (laws, national and international regulations), but also compliance with internal regulations and guidelines.

A compliance officer (usually realized as a staff position) is the responsible person for the implementation, operation and further development of the Compliance Management System in the company. And not only that, but a compliance officer  him- or herself also requires the involvement of all employees, in particular managers, in order to guarantee compliance with the internal and external requirements. The challenge in implementing and embedding the idea of Compliance Management is to get the commitment – not just from the top management, but also from every single employee.

Key Success Factors for the Implementation of a CMS

Prioritization and scoping of
the Compliance Management System

Ongoing trainings of employees on
various topics, such as corruption or data protection

Anchoring of the CMS in
existing organizational structures

Especially the last aspect, anchoring in the organization, is essential for acceptance in the enterprise and successful implementation. It is important to integrate the processes of Compliance Management into existing structures of Process Management, Risk Management and the Internal Control System.

Compliance Management – A New Component in the Integrated Management System

In addition to the technical integration, the decision regarding the tool support for Compliance Management is essential. Here too, an integrated solution should be favoured, in which all stakeholders work collaboratively on Process, Risk and Compliance Management. Only such a networked implementation makes it possible to create interdisciplinary analyses that allow for an early detection of negative trends and unwanted developments.

Technical Support of Compliance Management

For the Compliance Management itself, the technical support of two roles – the compliance officer and the department head – is vital.

  • For the compliance officer, it must be possible to record all relevant requirements such as laws, standards, guidelines etc. in a single register.
  • It must also be possible to prove this data to be relevant to the company.
  • In terms of integration, it is advisable to anchor the requirements on a process map together with the departments involved. This highlights the responsibility of the department head, who is – in the process of implementing the process – also responsible for meeting the requirements.
  • The downstream risk analysis identifies, evaluates and, if necessary, also introduces measures for compliance in the departments.
  • By means of workflow support, the compliance officer and the department heads ensure that the data (requirements, processes, risks and measures) are complete and up-to-date.

The ADONIS NP GRC suite provides the ability to integrate and connect the systems for processes, risks and compliance requirements in a modern, web-based application. With customized functions for the individual stakeholders, not only the operation of such a system is easy – through workflow support, versioning and historicization, the creation of a gapless audit trail is also realized.

5 TIPS FOR A SUCCESSFUL COMPLIANCE MANAGEMENT SYSTEM:

Create a common understanding of compliance

Prioritization and scoping

Ongoing sensitization of employees

Integration of the CMS in existing management systems

Use of a GRC platform to ensure timeliness

ADONIS NP – the Platform for Successful Compliance Management:

With the help of the evaluation matrix, compliance can be assessed.

Compliance risks and controls at a glance – integrated directly with processes.

Up-to-date detailed information immediately available –  can be displayed using a variety of reports

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Enrique Lobo Cruz

P +353-1-871 94 16
F +353-1-871 94 17
E info@boc-group.com