Value Driven Compliance
Situation
Management is confronted with escalating compliance requirements across a broad range of business risks. Compliance requirements are not going away. Management's challenge is how to best establish sustainable processes, procedures and controls that consistently achieve the desired business results while mitigating business risks. Sarbanes-Oxley requires public companies to document their internal control environment and assess its effectiveness over financial reporting. The majority of CFO's have expressed their concern with the level of costs incurred in their compliance efforts versus the value derived.
Opportunity
Public companies have the opportunity to achieve substantial benefits in enhancing revenues concurrently with reducing costs by taking a proactive, value driven approach to regulatory compliance. Compliance requires that business processes encompass control tasks with the purpose of improving quality (i.e. minimizing risks of errors and omissions). Controls by their nature are non-value added, and thus excessive controls can cost a company in both increased overhead and decreased agility and responsiveness to customers. By optimizing processes to achieve consistent quality results companies can realize value far greater than the compliance costs.
Approach
To achieve this outcome, companies should adopt proven change management techniques as the primary approach for achieving value driven compliance.
Process Partners core competency is value driven process design and implementation. Our proven approach to process optimization has been tailored to encompass top down driven risk assessment and identification of process changes required to mitigate significant financial risks and facilitate regulatory compliance.
- Risk Assessment
- Process Assessment
- Process / IT Optimization
- User Driven Process Design
- User Led Process Change Initiatives
- Monitoring Process Changes
- Monitoring Control Results
- On-Going Process Optimization
Our approach establishes clear process ownership and accountability through the facilitation of process teams .
Our thought leadership, methodologies and suite of technology solutions, combined with our competencies in processes, risks and controls, will help you comply successfully.
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