Companies have to adhere to laws, rules and regulations. Where regulations apply, they have to be addressed in policies and procedures to ensure the adherence. In the multitude of regulations, it is hard enough to identify which ones are applicable. The complexity even increases for companies that operate in multiple countries and local country regulations differ from each other. A sound overview of what regulations exist, if there are regulatory changes and which ones apply to which part of the business is essential to adhere to regulations and to avoid major fines.
Internal governance management poses another aspect of complexity. A hierarchical set of governance documents has to be created, managed and connected to ensure that the regulations are translated into internal rules and procedures.
Policy implementation and adherence
The VirtueSpark Enterprise Cloud for GRC supports the management of policies and policy implementations along their lifecycle. Beyond providing the repository for policy documents, it links between policies, standard operating procedures and work instructions. This helps to exactly know if there are areas of incompliance where the policy is not supported by operating procedures or where operating procedures are overlapping, redundant and contradictory.
Business process documentation
The documentation of business processes is essential for corporate governance and compliance. The VirtueSpark Enterprise Cloud does not only allow the documentation of processes, also automated workflows can be created out of the process definition. Controls can be directly assigned to the process and be automatically executed and monitored. An internal control system with process automation features is integrated.
Control library implementation
A as part of the controls library control frameworks and catalogues can be created for individual needs. To avoid redundancy and increase efficiency, controls can be linked with similar controls from other catalogues. This results in less testing effort.
Control catalogues can also be imported from a vast library of standards.