The business world is fortified by regulations: non-compliance can cost enterprises millions every year. But monetary loss is only the tip of the iceberg. Regulatory compliance ranks among the top two biggest concerns that business leaders around the world battle every day. The outcomes of non-compliance are staggering and go beyond simple fines. Organizations can easily damage their reputation and lose or deter their customers if they fail to address compliance risks in time. This is exactly why regulators are increasingly demanding enterprises to proactively detect and remediate compliance violations.
The compliance risk climate is continually changing. All businesses of all sizes across all sectors struggle to keep pace with this relentless change. The recent dramatic shifts have added fuel to the fire. From geopolitical tensions and huge swings in the market to new work practices and the widespread adoption of digital tools, every turn of events has reshaped how business leaders prepare for future crises.
Compliance management can make or break enterprises, pace comes only with preparation. To emerge stronger, organizations now need to adopt a proactive risk management approach powered by real-time, context-driven compliance monitoring, and remediation. Observing enterprise-wide regulatory controls to manage risks, can be an ally in this pursuit.
Driving compliance transformation with innovative regulatory remediation
Business leaders in this cloud-first and mobile world not only need to focus on enterprise-wide digital transformation initiatives but also on enabling a centralized management process for compliance risk. This can easily turn out to be an uphill battle with constantly evolving regulations and a lack of real-time, holistic view of business operations keep organizations on their toes.
Typically, organizations have a reactive approach to risk management, which further complicates compliance management. Simply because, once a compliance breach is identified, risk managers must revisit the event history to get the much-needed overview, address the reasons for violation, and then prove that accurate controls are in place. The process is not only inefficient but also ineffective against unknown risks.
While many point RegTech (regulatory technology) software solutions exist, covering financial, regulatory, and operational risks but there is no holistic solution to offer visibility of all the controls within the context of the business process. Thus, to address their most critical compliance transformation and regulatory remediation challenges, enterprises need to go beyond implementing the point solutions regulatory controls. They also need to have a deeper understanding of all day-to-day business controls at varying visibility levels with context across their value chains.
Companies typically deploy a plethora of custom-made dashboards for each business area. The translation from business compliance to IT using such custom point solutions is easier said than done.
Currently, there is reliance on technical teams who have little or no understanding of the regulations or interactions with the customer or regulator. Moreover, too many different views are created with limited integration to real-time data leading to a lack of trust and understanding of the control with context. This lack of a standardized approach for measuring each control further increases the cost and complexity, impacting the ability of business leaders to mitigate risks and timely respond to compliance violations.
A regulated market requires global teams to either proactively identify a regulatory and compliance risk or address breaches in real-time for unprecedented operational resilience. Enterprises should have access to coherent, accurate, and context-driven business controls. Having this capability can help them enhance customer services, comply with the needed regulations, and ultimately increase the shareholder value.
A business process is complicated and interconnected. Each process is made up of several functional steps that deliver a product to the end customer. These steps cover people and technology and do not necessarily have a unique ID to join one step to another. In addition, enterprises offer multiple products which flows through different path of the business process throughout the day. Typically, teams only have an insight into some parts of this chain. Teams need a complete overview of the end-to-end business processes to be better prepared for risks and ensure seamless compliance.
Stepping into the new era of regulatory revolution with DRYiCE iControl
HCL Technologies’ organic software division, DRYiCETM has built iControl with the next-gen capabilities to simplify business process digitization and connect enterprise-wide controls to the corresponding process business step. This enterprise control center view holds the key to unlocking proactive global compliance capabilities. With the ability to analyze, predict, and make decisions with common views for all personas, across different levels, DRYiCE iControl provides the link from the problem with context to allow teams to address the root cause faster and mitigate its impact.
The Enterprise Control Center (ECC) powered by DRYiCE iControl gives business leaders the ability to aggregate and customize their KPI/control overviews. Designed to give C-suite executives a bird’s eye view of global compliance as well as offer individual stakeholders a detailed report of pertinent controls, the solution offers the much-needed flexibility to access information and share common views between personas. This industry-leading business flow observability product also comes with features to roll-up and weigh the controls in a way that works best for your organization, right from the process level to the enterprise level.
Driven by HCL Technologies’ expertise as a leading technology partner for a diverse customer base spread across the world, the solution offers end-to-end, real-time business flow insights, and intelligence by seamlessly integrating with the existing IT monitoring system. Thus, implementing this future-ready solution does not require replacing the technology that enterprises have already invested in. Rather, it simply connects their existing IT tools to accelerate context-driven decision-making.
The improved visibility offered by DRYiCE iControl empowers organizations to proactively identify and mitigate risks before they can lead to compliance violations. This allows them to demonstrate to the regulators that they have full control over their global compliance management using business process observability to win their trust.
By giving the key decision-makers of an organization the headroom to grow and focus on the customer journey, DRYiCE iControl accelerates innovation and lays a strong foundation to build a future-proof enterprise.
Interested in knowing more? Click here and start your regulatory revolution with DRYiCE iControl.