June 18, 2019

The Advantages of Compliance Central over a Manual Process

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

Below are the differences between Compliance Central and a Manual Process:

Compliance Central:

Calendaring and Notifications streamline sharing of information

Cloud-based document version control

Centralized risk-based covenants and questionnaires increase visibility

Dashboards display real-time KPIs for streamlined decision-making

Streamlined decision-making

Notifications and chat increase collaboration

Centralized platform allows for collaboration and communication to reduce time and cost Enhanced visibility, search and collaboration increase accuracy

Flexible Salesforce platform allows for adjustments to updated requirements

Automated financial account reconciliation process customized to internal process and
defined within platform for cross-departmental communication

Manual Process:

Complex document sharing

Document version control confusion

Limited visibility across fragmented worksheets

Excessive friction from lack of integration of real-time data

Little ability to Collaborate

Expensive – Money, Time and People

Errors Increase Expense and Headaches

Processes fail to adjust to compliance changes

Difficult to identify and audit reconciliation records within 100s of documents
acrossmany department

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