Regulatory and business requirements do not contradict each other. On the contrary: Both can be traced back to common objectives and intentions. Companies can use regulatory requirements as a starting point in order to realize synergy effects between the specified obligations and their own objectives. To simplify matters, we have developed a compliance model that greatly reduces the complexity of the topic and makes it easier to understand.
Regulatory and business requirements pursue six common goals: protection, availability, traceability, transparency, care and dynamism. These goals are based on legal and regulatory values. They can usually be met through processes from the following six core areas:
- Information security and protection
- Dealing with risks
- Information and communication management
- Accounting theory, auditing and organization
- Transparency and information obligation
- Globalization and transformation
It is clear that a simplified model does not claim to be complete. However, the model will help to create a basis for understanding compliance and its contribution to business optimization. It can be used in two ways:
- The qualitative classification of processes can be used to determine the degree of maturity of one’s own compliance efforts. This makes it easier for the company to determine its own location and present its current risk situation. Transparency shows how an overarching interaction of those involved can contribute to improvement.
- The other approach to identify deficits is the KPMG self-assessment. During this assessment, an online questionnaire is systematically asked whether all relevant compliance requirements have been observed. This creates an overall picture of compliance taking into account all relevant processes. In addition, a detailed analysis of results is carried out, from which fields of action and ultimately specific measures to improve certain compliance processes can be derived.
Keep looking out for our video on the matter which will release in the coming weeks. It will also further explain the positive effects this model can have on your company’s business success. Follow our channel to be notified.