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
