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Many organisations' governance, risk management and compliance (GRC) practices have not changed for years. The result is organisations are struggling to keep up with the complex regulatory environment and meet external stakeholders' expectations. Many organisations, no matter what sector they trade in are seeking to become more flexible and profitable while increasing internal controls and reducing risk. These objectives appear to be contradictory, but one way large organisations can unite them is by improving their approach to GRC.

emalogo

Enterprise Management Associates, Aug 2007, Pages: 50

In recent years, the number and range risks facing IT have exploded. From business malfeasance and insider risks, to new and more malicious classes of security attacks, enterprises are challenged as never before to contain threats to critical information resources. The introduction of numerous regulatory and industry compliance measures have raised the challenge to the level of mandate: businesses must adopt a more consistent and comprehensive approach to IT governance. In each of these demands, a consistent theme is heard with increasing urgency: the enterprise must take a more strategic approach to IT risk management.

Agiliance

Businesses today are under increased pressure to cut costs, optimize performance, and reduce risk. The need to meet these challenges is particularly apparent in the area of regulatory compliance. Historically, businesses responded to emerging regulatory requirements by assigning a dedicated team to handle every new mandate, each with its own specific team, mission, and project scope. But as regulations continue to proliferate and evolve, this approach is directly at odds with business requirements to improve performance, reduce costs, and more effectively manage risk. But what is the alternative, given the amount of effort required to manage compliance in a rapidly changing and increasingly complex regulatory landscape?

dmlogo

Datamonitor, Nov 2008, Pages: 33

Description

A successful operational risk management (ORM) strategy can help organizations meet the challenges posed by emerging technologies by providing a framework for managers to consider how risk exposures are changing, determine the amount of risk they are willing to accept and ensure they have the appropriate risk mitigants in place to limit risk to targeted levels.

Agiliance

Regulatory compliance is dynamic, costly, and checking the box is no longer an option. Compliance mandates are global and require exposure by law when breaches do occur. However, many organizations do not tie risk management and compliance together. In fact, every day organizations make countless business decisions aimed to boost organizational performance. Unfortunately, most of these decisions are made without knowing the real tradeoffs against risk exposure.

Datasheet

The US healthcare industry is rigorously monitored against stringent regulatory norms. The industry needs to comply with a variety of standards including the Health Insurance Portability and Accountability Act (HIPAA), Centers for Medicare and Medicaid Services (CMS), American Society for Testing and Materials (ASTM), International Conference on Harmonization (ICH), International Electrotechnical Commission (ISO/IEC), and Joint Commission on Accreditation of Healthcare Organizations (JCAHO).

Datasheet

In 2004, Jeffrey Heer at UC Berkeley demonstrated a project that he had undertaken to analyze Enron's corporate email database. Using various visualization techniques and algorithms, Heer dug deep into Enron's communication network and constructed a tremendously intricate map profiling the communication between respondents.

corpintegrity

The challenge for organizations from top to bottom is to provide harmony between silos of governance, risk, and compliance. Maintaining harmony is vital: Different roles — such as legal, risk mitigation, audit and compliance — have different and unique purposes, but must remain in tune with each other.

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