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Axentis Survey Highlights Lack of Consistency
in Management of Compliance Policies and Procedures
Fragmented GRC Operations Lead to Greater
Potential Exposures and Higher Costs
CLEVELAND, OH—April 18, 2007—Axentis, providers of the industry’s most comprehensive and widely deployed governance, risk and compliance (GRC) management solution, today announced the results of a survey taken as part of a webinar held jointly with OCEG on March 20, 2007. Webinar participants were surveyed about their organizations’ current GRC practices. Key findings from the survey include:
- 84% of participants report that there is no consistency in the way requirements are communicated to employees.
- 66% of participants have not yet established enterprise-wide consistency in their risk/compliance terminology and policies across risk/compliance areas.
- Only 50% of participants report consistency even within these individual risk/compliance areas.
Lack of consistency in terminology, structure, management and communication causes inefficiency in GRC processes and makes it difficult for employees to understand and follow procedures. This can lead to compliance failures, while also driving up GRC-related costs.
This problem is becoming more critical as the number of GRC-related policies and procedures companies must manage proliferates in the face of growing regulatory mandates and increased concerns about corporate ethics and integrity.
By bringing consistency to the way policies and procedures are written, structured, managed, stored and delivered to employees, companies can significantly improve their compliance posture while eliminating a wide range of inefficiencies.
“When compliance managers in different departments maintain their policy and procedure documents in different formats and use different terminology in different ways, the outcome is rarely very good,” said Brett Curran, director of GRC and privacy practices of Axentis. "The use of common mechanisms for creating, managing and disseminating policies and procedures across different compliance domains is therefore essential for optimizing the results achieved for every dollar spent on GRC.”
The Webinar and survey results can be accessed at Survey Results.
