In a recent post by HCL Software’s Ian Philips, the Global Business Development Head of HCL DRYiCE iControl highlighted how firms can transform regulatory compliance and risk management.
The landscape of business is heavily fortified by regulations; a lack of compliance could cause corporations to lose millions every year. However, financial loss is merely the surface of the issue. Regulatory compliance is consistently amongst the top two concerns plaguing business leaders globally. The repercussions of non-compliance are not limited to mere fines.
They can tarnish an organisation’s reputation and deter customers, making it imperative for enterprises to promptly identify and rectify compliance risks. Consequently, regulators demand businesses to proactively seek out and address compliance infringements.
The environment for compliance risk is constantly changing. Companies, irrespective of their size and industry, find it challenging to keep up with such relentless change. The recent drastic shifts in geopolitical tensions, market fluctuations, new work protocols, and the pervasive adoption of digital tools have altered how businesses gear up for potential crises.
Effective compliance management can be a pivotal factor in the success of enterprises, and preparedness is the key to achieving it. Organizations should now leverage a proactive approach to risk management, facilitated by real-time, context-driven compliance monitoring, and remediation. Observing enterprise-wide regulatory controls to manage risks can play a significant role in achieving this objective.
In today’s mobile and cloud-centric world, business leaders need to concentrate on both enterprise-wide digital transformation initiatives and the establishment of a centralised compliance risk management process. However, it can turn into an uphill battle due to ever-evolving regulations and the lack of a real-time, comprehensive view of business operations.
Typically, organisations take a reactive stance to risk management, exacerbating compliance management issues. This is primarily because risk managers need to delve into event histories to understand, address the reasons for violation, and subsequently prove that accurate controls are in place once a compliance breach is identified. The process is not only inefficient but also ineffective against unidentified risks.
While numerous point RegTech software solutions exist for financial, regulatory, and operational risks, none provide a holistic view of all controls within the business process context. Hence, for the most pressing compliance transformation and regulatory remediation challenges, companies need to transcend implementing point solutions for regulatory controls. They also require a comprehensive understanding of all daily business controls at varying visibility levels across their value chains.
Presently, companies rely heavily on technical teams that might have a limited understanding of regulations or customer interactions. Furthermore, the creation of multiple views with limited integration to real-time data results in distrust and misunderstanding of the control context. This absence of a standard approach for measuring each control further escalates costs and complexity, impacting business leaders’ capability to mitigate risks and respond promptly to compliance violations.
To navigate a regulated market, global teams need to proactively identify or address compliance and regulatory risks in real time for unprecedented operational resilience. Companies should have access to coherent, accurate, and context-driven business controls. This capability can improve customer services, enable compliance with necessary regulations, and ultimately augment shareholder value.
A business process is complex and interconnected. Each process comprises several functional steps delivering a product to the end customer. These steps encompass people and technology and do not necessarily have a unique ID to link one step to another. Enterprises offer multiple products that flow through different paths of the business process throughout the day. Typically, teams have insight only into some parts of this chain. They need a comprehensive overview of end-to-end business processes to prepare better for risks and ensure seamless compliance.
Entering a new era of regulatory revolution, DRYiCE iControl, a product of HCL Software’ AI & IA pillar, simplifies business process digitisation and connects enterprise-wide controls to the corresponding business process step. This enterprise control centre view unlocks proactive global compliance capabilities. DRYiCE iControl links the problem with context, allowing teams to address the root cause faster and mitigate its impact.
The Enterprise Command Center (ECC), powered by DRYiCE iControl, gives business leaders the capacity to aggregate and customise their KPI/control overviews. This solution offers flexibility to access information and share common views between personas, providing a bird’s eye view of global compliance for C-suite executives and detailed reports of pertinent controls for individual stakeholders.
Backed by HCL Software’ expertise as a renowned technology partner for diverse customers globally, the solution offers real-time business flow insights and intelligence by seamlessly integrating with existing IT monitoring systems. Thus, implementing this future-ready solution does not necessitate the replacement of technology that enterprises have already invested in. Instead, it merely connects their existing IT tools to expedite context-driven decision-making.
The improved visibility offered by DRYiCE iControl enables organisations to proactively identify and mitigate risks before they can lead to compliance violations. This allows them to demonstrate to regulators that they have full control over their global compliance management using business process observability to win their trust.
By providing key decision-makers with the scope to focus on the customer journey, DRYiCE iControl fosters innovation and lays a robust foundation for building a future-proof enterprise.
Read the full post here.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
