Solving the dilemma of demonstrating compliance to your regulatory obligations

[teresalaw]

All organizations are required to comply with more mandates because of the increasing number of laws, government regulations, contractual obligations, and national and international standards. According to the research firm of Thomson Reuters, 70% of firms studied expect to undergo more regulation in the next year. Compliance staffs are becoming overwhelmed, and the cost of compliance is skyrocketing.

It’s impossible for organizations to reduce compliance requirements, so the goal is to reduce costs by quickly interpreting mandates and de-duplicating those mandates in order to improve audit and reporting capabilities.

That means that you are going to want to achieve four things:

• Catalog the documents you have to follow depending on regulations you are subject to
• Identify the mandates and assessment questions within the citations of each regulation
• Map mandates to like mandates (to eliminate duplication).
• Create an assessment methodology to prove you’ve implemented the mandates – this is where ServiceNow comes into play

 The Unified Compliance Framework allows you to create a customized list of common controls that apply to the regulations relevant to your organization, and these lists can be imported into ServiceNow where it can be turned into action.

 ServiceNow GRC helps manage your governance framework, including policies, laws and regulations, and best practices in one system, and maps them to controls. Once defined, you can automate repetitive processes, even across functional groups.

 Reporting on compliance becomes much easier once controls are defined, assess and monitored continuously. Purpose built compliance dashboards in ServiceNow provide an executive view into compliance requirements, overall compliance, and compliance breakdowns so areas of concern can be identified quickly. 

Demonstrating compliance isn’t easy, but with the rights tools it can be greatly simplified.

Learn more at https://www.unifiedcompliance.com/ or www.servicenow.com/grc