Benefits of Compliance

By measuring and monitoring the operational benefits of an integrated approach to governance, risk and compliance (GRC), your team can assist management in making the critical connection between strong compliance processes and tangible business results in areas as wide ranging as revenue enhancement, reputation and brand protection, customer attraction and retention, higher profitability/lower costs, improved workforce performance, asset protection and so on.

In other words, these are many of the key attributes of an effectively run business. Bottom line benefits include:

 

 

  • Higher quality information—integrating the right information allows management to make more intelligent decisions more rapidly.
  • Process optimization—non-value-added activities (time wasters!) are identified and eliminated and value-added activities are streamlined to reduce lag time and undesirable variation. (Streamlined business processes)
  • Better capital allocation—identifying redundant and ineffective areas allows resources to be allocated more effectively.
  • Improved effectiveness—the net effect of all the activities above means that activities are directed to the right people and departments.
  • Protected reputation—when risks are managed more effectively, company reputation is enhanced, which ultimately results in an increase in the value of your business.
  • Reduced costs—lower costs contribute to the overall business gains.
  • Effective oversight mechanism – it’s time to really know what is happening in your business.
  • Integrated risk and control activities mean that compliance becomes part of daily duties and standard operating procedures.
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