There is a potent argument in the statement that the moment you decide to do business, you take the risk. For businesses, taking risks is not an option, it is a necessity. This necessity is enhanced manifold as the enterprise expands in scope, both business-wise and geography-wise. For example, the moment you step beyond your country’s borders, you take a new, and sometimes unknown, set of risks. Add to it the expanse of business that technology has allowed, and risks magnify even further. No wonder technology has made the world nearly borderless, but the risks of operating in another land, especially in terms of its implication on compliance, do not go away.
In the globalized business world of today, risk management has become a core function for companies in light of its impact on compliance. It entails preparing a business for withstanding rough weather so that the core activities can run interrupted and the business maintains an ability to generate revenue.
Risk management and compliance are intertwined in the sense that although both seem arduous and difficult to execute, efficient dealing with them can lead to previously unexplored business opportunities. Both work under the ambit of good governance – an aspect that is cherished by stakeholders.
To further explore the dynamic relationship between Risk and Compliance Management, let us look at the two most important common aspects between the two.
- First and foremost is Transparency.
The more transparent a decision, the less likely it is to give rise to unwarranted risk. Meanwhile, transparency is a key outcome of Compliance Management.
- A close second is Accountability.
Effective Risk Management requires ownership of the decision made and its consequences. Meanwhile, accountability is one of the ingredients that form the bedrock of compliance. Regulations are put in place to ensure businesses are accountable for their actions and to their stakeholders.
Given that risk and compliance management are closely intertwined, companies need enterprise solutions that address these two vital requirements together.
Boston Financial Advisory Group’s COMPLIANCE iNBOX (CiB) helps businesses take care of their GRC (Governance, Risk, and Compliance) needs. The product is 100% SAAS (software as a service) based and is easy to use without the requirement of assistance from an in-house IT professional.
The most important feature of the product as far as Risk and Compliance Management is concerned is that it is agile and adaptive. Given the continual changes in the business and regulatory environment, it can become quite challenging to keep up with the multitude of changes taking place. It can be a great distraction from the core business of a company as well. CiB helps businesses in this aspect by keeping its components up to date regarding the changes in the regulatory environment that they are operating in. With secure data and savings on cost and time, proprietors can ensure peace of mind for themselves and their stakeholders.
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