• Compliance Central Labs

The Advantages of Compliance Central over a Manual Process

Published by maincompcen on August 5, 2017


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



8 views

QUICK LINKS

Products

Services

Learn

About Us

GET IN TOUCH

2054 Kildaire Farm Rd. #264

Cary, NC 27518 USA

SALESFORCE PARTNER CERTIFIED

© 2020 by Granite Consulting Group Inc. | Sitemap