In today’s unpredictable and highly competitive business environment, with its changing regulatory requirements, a holistic approach to GRC solutions just makes sense. Governance, risk and compliance (GRC) is about ensuring that your organization is proactive, not reactive—and in control, not out of control. GRC solutions ensure that an organization acts ethically and in accordance with its risk tolerance, internal policies, and external regulations. Encompassing risk management, audit management, compliance management, and policy management, GRC solutions call for the alignment of strategies, processes and technologies to improve efficiency and effectiveness.
One of the most common business process governance challenges of companies faced with GRC issues is compliance with The Sarbanes–Oxley Act of 2002 (SOX). Among other things, SOX requires that certain business records, including electronic records and electronic messages, must be saved and accessible to auditors for a period of years. And the consequences for non-compliance are significant: fines, imprisonment, or both. Simply put, the old, paper-based, ad hoc processing of financial and other records falling under the SOX umbrella just won’t make the grade.
In order to meet SOX requirements, and other GRC challenges, organizations need a way to:
- Produce accurate, real-time information for managers and knowledge workers
- Locate the correct version of documents and policies
- Preserve an audit trail of reviews, edits, and approvals
- Process documents (emails, file server, printing, etc.) quickly and reliably
- Maintain individual and departmental accountability for all regulated actions
Process Director as Your Governance, Risk and Compliance Software Solution
Process Director BPM software has a BPM compliance deployment option that is equipped with Governance, Risk and Compliance software capabilities that can help make your organization more efficient, effective, and compliant. As an advanced BPM software and workflow software solution, Process Director will:
- Track and report on document approval history
- Maintain a consistent, documented process methodology
- Enforce full accountability for all actions taken in the course of a process
- Reduce paper handling and manual routing, eliminating errors
- Prevent productivity problems due to lost or mishandled documents
- Provide easy-to-use and easy-to-access auditing functions that enable fast, accurate response to audit inquiries
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More Information on our GRC Solutions
Regulation lays out what an organization is supposed to do, policy describes what it plans to do, but processes are what it actually does. Policy matters, but at the end of the day, adherence to policy is both more important and more difficult to demonstrate.
Fortunately, BPM solutions can be leveraged as Governance, Risk and Compliance software solutions to address these issues. Increasingly popular across virtually every public and private sector, business process management (BPM) has traditionally been deployed as part of an effort to improve efficiency and reduce expense. Now it can also be an important weapon in the fight to overcome the ever-expanding compliance burden weighing down an organization’s productivity.
Our Business Process Management: A Compliance Perspective whitepaper reviews the 3 major challenges faced by regulated organizations (Universal Regulatory Compliance, Industry Specific Regulatory Compliance and Routine Audits) and identifies ways that Process Director’s Governance, Risk and Compliance software capabilities can help to overcome their business process governance needs.