Creating consistent GRC data standards and communicating them effectively is challenging for many organizations. Often, source data from multiple locations is incompatible, creating unclear controls visibility and stifled communication. Add to that, the difficulty of gaining visibility of the status of internal controls and gaps which further increases the chances of errors and costs.
While 80-percent of companies are convinced they would benefit from integrating GRC technologies to improve the efficiency of their SOX processes as their top priority for 2017, existing GRC systems and SharePoint make this an elusive goal for mid-sized enterprises and business units by:
- Failing to adjust to the dynamic nature of documenting, testing and remediating internal controls
- Increasing time and effort for added external audit requests
- SaaS offers were built before significant COSO & PCAOB changes
- Lack of compatibility with internal company systems
- Implementing, managing and maintaining control process documents is getting more cumbersome and expensive
And while 78-percent of organizations are aware there’s a need for significant improvement in the way they manage risk, internal audits, and the compliance functionality through better data and information automation, current manual processes fail to create a stable environment.
Built on the Salesforce App Cloud, Compliance Central creates a centralized system that makes compliance understandable, manageable and comprehensive, allowing for total visibility and control through:
- Connecting controls, issues and workflows
- Streamlining compliance requirements
- Document version control
- Calendaring and notifications
- Communication tools
- Real-time reconciliation
- Real-time visibility
- Fully customizable
- Being safe, secure and reliable
Below are the differences between Compliance Central and a Manual Process:
| Compliance Central | Manual Process |
| Calendaring and Notifications streamline sharing of information | Complex document sharing |
| Cloud-based document version control | Document version control confusion |
|
Centralized risk-based covenants and questionnaires increase visibility |
Limited visibility across fragmented worksheets |
| Dashboards display real-time KPIs for streamlined decision-making | Excessive friction from lack of integration real time data |
| Notifications and chat increase collaboration | Little ability to collaborate |
| Centralized platform allows for collaboration and communication to reduce time and cost | Expensive – Money, Time and People |
| Enhanced visibility, search and collaboration increase accuracy | Errors Increase Expense and Headaches |
|
Flexible Salesforce platform allows for adjustments to updated requirements |
Processes fail to adjust to compliance changes |
| Automated financial account reconciliation process customized to internal process and defined within platform for cross-departmental communication | Difficult to identify and audit reconciliation records within 100s of documents across many departments |