The area of risk management and compliance is currently undergoing a major upheaval, affecting many of our customers. Enterprises – from banking to insurance to healthcare - must be prepared to prove they are compliant with ever-changing laws and regulations.
Fifteen years ago, the idea of a Chief Compliance and Ethics Officer would have been considered absurd, or at least extremely rare. But today, Chief Compliance and Risk Officers have a regular presence at Board Meetings. Why? Because we’ve moved from an era where “my word is my bond” satisfied stakeholders to a world that demands “show me.” The regulatory environment today requires that organizations build an evidence-based record to document compliance to the multitude of regulations and regulators.
These are the trends which have led to this shift:
- A cascade of new regulations combined with increased enforcement of existing laws creates documentation and reporting pressures on organizations.
- A fundamental, dynamic shift in how large organizations are managing data and developing technology strategies. Today, global organizations typically have financial information in multiple systems and face different accounting rules (e.g., local GAAP or IFRS). To respond on a timely and accurate basis they need to standardize and normalize data for analysis and reporting purposes.
The pain points that have emerged for enterprises from these requirements include:
- A need for automation tools to deal with massive amounts of data on a timely and accurate basis
- A need to be much more outcome-driven
- To be able to provide proof of their approach through an audit trail.
Wolters Kluwer is committed to partnering with organizations to solve these significant challenges and our product lines such as ARC Logics or FRSGlobal address these challenges.