The Compliance Control Framework
Quite often our conversation with a potential client starts with a discussion about compliance. As the boundaries of compliance requirements are constantly changing, senior management needs to ensure that business is conducted within the boundaries of legal and regulatory requirements.
So they ask the question:
How can we ensure we meet compliance requirements?
Our answer to this question is the Compliance Control Framework.
The focus of this framework is not to achieve compliance with any given law, regulation or standard, but rather to enable the organisation to build a robust compliance process. The common elements of compliance are developed around the compliance lifecycle creating two distinct phases:
- building compliance and
- demonstrating compliance.
Each compliance element considers three core aspects:
- Key components,
- Key considerations and
- Key participants
The inclusion of these aspects ensure that not only the "what" and "how" questions will be considered but the "who" as well. Accountability can be identified and assigned correctly this way .
The diagram below displays a compliance element with the three core aspects:
Please click on the image for a larger version.
Benefits of employing such a framework include
- Improved accuracy
- Freed up resources accross the whole organisation
- Reduced cost of settlements (if any)
- Possible early warning system of potential problems
- Reduced complexity and
- Improved information quality.
For relevant capabilities please read the Governance and Privacy sections in the Consulting category here, and the Compliance Management section in the Management category here.
If we can assist you in any ways please feel free to contact us for further information. Our consultants will be happy to assist you with your enquiry.