Compliance professionals know that legacy systems can keep their organizations from a full digital transformation, preventing them from taking advantage of automation. The best answer? A modern eGRC solution that gathers and presents information previously fragmented in different silos, from spreadsheets to emails.
Key benefits of automation-enhanced eGRC tools include:
- Reduced costs and increase scalability
- Use of a single compliance test that examines all applicable regulations
- Comprehensive view of your institution’s risks
Ultimately, you’ll see how an eGRC solution provides you with insights you never knew were there that benefit the entire institution.
eGRC tools are critical to your operations
Today’s powerful enterprise, governance, risk management and compliance tools (commonly known as eGRC) have evolved to include automation, making them more impactful. In the past, financial institutions were tasked with managing compliance processes manually, which was an expensive operation and subject to human error. Switching to automation-enhanced eGRC helps to alleviate these pain points while breaking down silos and enhancing insights.
Manual processes can’t compete with automation
Ensuring that a financial institution is complying with local, state and federal rules and regulations is a significant, time-consuming task. For some institutions this might not be an issue—yet. In a changing labor market, organizations should examine how to reduce an employee’s manual tasks with automation solutions that can deliver scalability, cost savings and better results. Compliance staff are then free to work on other more essential tasks.
Legacy systems can slow down a digital transformation
Whether they’re acquired in a merger or are dated technology, legacy systems can hinder an organization’s efforts at bringing automation to the compliance processes. Your institution may need to address the issues created by legacy systems that limit automation to enhance your compliance operation and offer the scale you need to expand and grow.
Automation streamlines and simplifies your compliance process
A state-of-the-art eGRC solution allows for mapping of controls and requirements to applicable regulations. Instead of the redundancy of one test for each control, compliance mapping using an eGRC tool provides a single compliance test that examines all applicable regulations, saving time and expense.
Integrating critical information for a 360-degree overview
The ultimate compliance advantage of an eGRC solution is its ability to gather and present information previously fragmented in different silos, from spreadsheets to emails. A cohesive dashboard gives users the ability to make smarter decisions and enables strategic planning. The result is a comprehensive picture of the institution’s risks within the entire compliance portfolio. Risk postures can be seen well in advance of possible problems, enabling the ability to track exceptions and remediate issues before they escalate.
Moving the enterprise forward with eGRC
With the ability to assist your institution’s digital transformation, an eGRC solution that automates complex compliance needs is a necessity for effectively managing and growing your financial institution. Choose the eGRC solution best suited to your business so your organization can build a more effective, efficient and secure digital future.
This article was written by RSM US LLP and originally appeared on Mar 13, 2023.
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