It’s hard to keep up with compliance requirements when there are so many new regulations being added every day. Unless you have an internal auditor, how do you know if your company is following all the rules? Even if you have an internal auditor, without knowing all the regulations, your company can spend too many hours — and money — on corporate compliance activities that don’t add value to your business.
According to Corporate Compliance Insights, “there could be significant lost opportunities for value-added governance, operational, strategic and IT audits.”
Leveraging Corporate Compliance
So what’s the solution? While it’s not a good idea to ignore compliance in favor of strategic and operational activities, it can be beneficial to understand how your company can best leverage compliance activities. To maximize efficiency, make sure you are utilizing existing resources. Although you’ll need to figure out what works best for your business, below are several options:
- One-to-Many Approach: find ways to kill two or more birds with one stone.
- Effectively Leveraging Technology: although it requires an investment to upgrade technology, the payoff in efficiency gains may offset the costs and even bring in additional income.
- Data Analytics: these numbers can enhance the internal audit function, but they can also be used for forensic analysis, predictive analysis, and performance measurement.
- Talent Gap: build and upgrade your staff members’ talents and skills.
- Third-Party Risk/Testing: third-party risk information can feed into governance, risk management, and compliance (GRC) efforts, which include the formulation of the internal audit risk universe and annual internal audit plan.
Don’t have an internal auditor or still feel that your company needs extra guidance? Contact Millan & Co. online or call (512) 479-6810 and we’ll help navigate you in the right direction.