In response to today’s demanding economic and regulatory climate, many financial services firms are transforming operations to enhance performance while driving down costs and flattening investment. Forward-looking organizations are rethinking their business models with an eye on embedding strong governance, risk management, and compliance (GRC) mandates.
Added pressure to reduce cost and drive efficiencies has also prompted many firms to revisit risk and control oversight functions with an emphasis on identifying and breaking down unnecessary silos and improving leverage.
This requires a more strategic look at oversight functions, such as compliance, internal audit, SOX, or operational risk management, and creates a taxonomy and common risk and control language to improve risk coverage, while maximizing the leverage of information and resources.
Firms across the globe are implementing solutions like OneSumX GRC from Wolters Kluwer, to obtain a single view of risk articulated across the entire organization, providing a common language, approach, and methodology for risk management. With a centralized platform for monitoring, measuring, and managing risk, firms strengthen governance processes and facilitate effective and inclusive risk reporting to management and the board, to help meet global compliance within the organization’s risk management mandates.
This single view of risk allows the oversight functions to better leverage risk information and rate issues using a common vision. With greater visibility and control over risk across their business, organizations can gain a real competitive advantage, enabling them to make business decisions in alignment with their strategic objectives and risk tolerance.
Choose from the OneSumX GRC components below for further information.