The concept of Compliance has changed. It has become checklists, box-ticking and audits. And while there is value in passing audits, the real value lies in ensuring that the organization fulfills legal obligations, and reduces the risks associated with non-compliance. In other words, in actually becoming and remaining compliant.
Yet, many companies have relegated Compliance management to an annual event. Like a car, it is serviced once a year and then forgotten about until the next time.
Where once Compliance monitoring was a tool that allowed for the organization to gain deeper insights into its posture and find potential gaps, it is now admin, pressure, and frustration.
This is understandable. There are significant challenges when it comes to Compliance gap analysis.
Compliance gap analysis is a systematic process used to evaluate an organization's current level of Compliance with applicable laws, regulations, and industry standards, with the goal of identifying any gaps or deficiencies. It involves comparing the controls the organization has put in place against the required Compliance requirements, highlighting areas that need improvement or corrective action to ensure full Compliance. The analysis provides valuable insights that enable organizations to prioritize and implement necessary measures to bridge the identified gaps and enhance their Compliance efforts.
There are numerous difficulties with conducting a Compliance gap assessment. Some of the more common challenges are:
But what if this could change? What if identifying gaps in your Compliance and Risk posture wasn’t so cumbersome?
Just as the dashboard tells the driver that the engine is overheating, for example, Compliance gaps tell the organization when there is potential for risk and what processes are introducing risks.
A Compliance gap analysis will also:
In short, the gaps tell the organization where to go on the road to Compliance. Which brings us back to our earlier question - how can we gain a deep understanding of our Compliance and Risk posture without having to perform endless manual work?
In order to fulfill its true purpose, continuing with the car metaphor, Compliance monitoring needs an engine (a powerful Compliance management solution), a dashboard (to assess the overall Compliance posture of the organization), GPS (processes and controls) and fuel (data).
A car’s dashboard provides every driver with an overview of how everything is working. Oil? Check. Brakes? Check. Doors shut? Check. Drivers don’t set aside two hours before every trip to go through the vehicle to ensure everything is working properly; they trust the dashboard to give them a clear picture and a green light. If no alarm shows up on the dashboard, you know you are ready to go.
Compliance management should provide the exact same function. Instead of Compliance teams having to go through all the data to find gaps, problems, and risks at every turn, they need an automated dashboard to help them monitor gaps in Compliance quickly and efficiently.
Imagine a digital dashboard that:
Such an automated dashboard, as a part of the larger analysis engine, lifts the manual burden from the GRC team. It is designed to sift through the data, find the Compliance gaps, and smooth over the bumps traditionally sitting in the road to Compliance gap analysis.
Using the right tools, your organization can:
Welcome to a completely different approach to Compliance management, one that prioritizes your organization. Instead of annual, it’s ongoing. Instead of complex and daunting, it’s automated.
Technology designed to provide the organization with seamless visibility and rich control can transform how the Compliance engine runs and how easily it arrives at its destination.
Just remember: