The Challenges for Compliance Management In 2011

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2011 is going to be the most important phase for handling issues related to compliance management with the best practices. Now on, enterprises will take a look inward and focus on their GRS issues in an effort towards a prosperous future. Here is a slink peep into what the future holds.

Henceforth, there will be more pressure on IT teams to fulfill the increasing demand for regulatory compliance matters. They will need to be more resourceful to meet up with the standards which include ISO, PCI Compliance and HIPAA Compliance. There have been defective and lacking assessments of business risks in the past, which is mostly due to non interaction and communication between applications silos involved in compliance management. Consequently, there still may be increased threats and vulnerability, making it even more important for IT teams to focus on improving regulatory compliance keeping in mind the best practices.

There are new software applications specifically designed with integrated and automated GRC tools. More will still come forward soon enough. They operate by merging the compliance workflow and the automated control assessment tools. There will therefore be improvements in developing useful Compliance Management Software Applications to make it easier for enterprises to use. Most probably, it will be a “pay-as-you-grow” system for the convenience of enterprises.

This will become a must have for enterprises. There will be more flexibility and hence, fulfillment of the requirements concerning compliance management will become much easier. The main focus will be on the ability of these systems to capture data, analyze them for threats and risks – all in real time. Therefore, there will be need for real time access to information in order to monitor any kind of violations as a best practice.

The main point here is that now on, there will be best practices aimed at handling issues about Compliance Management, Governance and Risk Management. By doing this, issues regarding security will also be conquered and at the same time profits will improve without going an extra mile.

Further reading: Corporate Governance | Audit | Performance Improvement

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