Technology Risk & Compliance
Technology Risk Organization
An approach with a real-time, 360° view of your corporate governance framework
Risk management, ethics, sustainability, compliance – those are all issues at the top of Risk management agendas because they have far-reaching ramifications for today’s organizations. With the growing prevalence of social media and the dizzying speed of information exchange, any breach in governance can become a major crisis for a company’s reputation. COSERVE helps you handle those risks and many others need to be handled appropriately at both a management and operational level.
We have found that companies have no choice but to leverage past successes and failures, and make careful assessments of future risks, if they want to stay ahead in today’s digital world. Our Technology Risk and Compliance Practice assists corporate governance with not only analytical views, but also compliance resources that correct and mitigate problems at the root cause, the factory floor.
Corporate governance is the tool your Board can use to get a clear picture of how your company is running and how its vision and decisions are being implemented throughout the organization.
COSERVE believes corporate governance systems should be designed to:
- Identify, monitor, and manage risks
- Anticipate and deal with new and changing threats
- Mitigate and correct incidents to minimize their damage
Three Steps To Turning Corporate Governance Into a Competitive Advantage
Enable Cross-Departmental Communication
The first step towards building an integrated Governance, Risk & Compliance (GRC) approach is to break down information silos. According to the 2014 OCEG GRC Maturity Survey, 80% of respondents said that their organizations were using non-integrated, standalone Governance, Risk & Compliance solutions for each department – with little to no sharing of information between them. That leads to gaps in risk coverage and to overall efficiencies since the work often gets duplicated.
That said, some information silos exist for a reason and not all information is meant to be shared at all times. Each organization has its own rules and Chinese walls in place to make sure information is exchanged appropriately.
Anchor Governance, Risk & Compliance in Your Business Operations
Corporate governance is all about decision making and is an integral part of your business operations. The risk management systems and controls your organization uses do not exist in a vacuum – they are part of your day-to-day operations, for managers and staff alike.
Having a detailed schema of your processes, risks, and controls can help your managers successfully implement a GRC framework and take ownership of their objectives and associated risks.
Streamline Governance, Risk & Compliance processes
Having a common language and sharing smart information opens new doors to cross-department collaboration and greater GRC efficiency. However, that can also add more complexity because more information is shared to more people involved in many more processes. But that square can be circled, namely by using a common dynamic platform to distribute information, alert users, and provide summaries and personalized reports so the right people get the right data at the right time and in the right format.
COSERVE Can Help Manage Corporate Governance Challenges
At COSERVE’s Technology Risk and Compliance Practice, we can help you set up a robust corporate governance framework that gives your Board a complete vision of your company’s strategic and operational risks, internal controls, and regulatory requirements. The framework draws on our five integrated solutions designed to support the various processes of your Risk Compliance and Governance departments over three lines of defense: internal control, risk management, and internal audit.
Our Practice team draws on more than 15 years of experience helping businesses boost operational efficiency and performance by identifying, monitoring, and managing their most important risks, internal controls, and regulatory compliance issues.
Our talented and experienced consultants built on a unique, integrated platform to generate greater synergies for advancing your business and IT transformation. The platform is a collaborative, multilingual workspace with a single repository that can be accessed through a role-based interface. It gives you a single, dynamic, and shared view of your business with real-time tools for improved monitoring and decision-making.
In addition to mapping your risks and internal controls, our holistic approach will show you how key elements of your organization interact and give you a clear, shared vision of your assets and how they work together. This will let you make better-informed decisions, ensure that the right systems are in place, and pool stakeholders’ efforts so they are all working towards executing your strategy. It will also let you leverage synergies among different departments.
Our Technology Risk and Compliance teams let your departments such as Risk Management, Internal Control, Compliance, and Internal Audit operate efficiently and effectively – and respond quickly to changing business needs. The Risk Compliance and Governance Best Practices used in our methods will give your top management the critical information it needs to strike the right balance between cost optimization, risk management, and capacity for innovation.
Our governance, risk, and compliance consultants incorporate the recommendations and best practices set forth in international standards issued by industry organizations, such as the Institute of Internal Auditors (IIA) and the Open Compliance and Ethics Group (OCEG).
Governance, Risk and Compliance
Manage Your Company’s Strategic and Operational Risks, Internal Controls and Regulation Environment
Today, companies must operate in a complex and changing environment with pressure from customers, competitors and regulators. New and changing regulations lead to new risks and controls that must be managed to ensure compliance and reach business objectives – while maintaining profitability and a high level of performance.
Inside Our Whitepaper You Will Learn:
- How our integrated governance, risk and compliance solution contribute to provide board with a real-time, 360° vision of the corporate governance framework
- The benefits of our solutions and integrated approach
- The main features of our governance, risk and compliance solutions