AXENTIS Publishes Operational Roadmap for Risk-Driven Compliance ManagementTM to the GRC Industry
CLEVELAND-(Business Wire)-January 6, 2009 - AXENTIS, a leading provider of enterprise-wide governance, risk management, and compliance (GRC) solutions, announced today the release of “Risk-Driven Compliance Management: Optimally Leveraging Finite Resources to Effectively Protect the Business”, a thought leadership publication outlining the business implications and bottom-line value of Risk-Driven Compliance Management™.
The cost of compliance is increasing because requirements placed on business from government; customers and internal policy makers aimed at improving transparency and risk management are increasing, yet in this challenging time, companies may actually aim to maintain or even reduce their compliance costs. A Risk-Driven Compliance Management approach to sustaining compliance is a way to meet a greater compliance burden at a lower cost.
Christopher Cox, the outgoing Chairman of the SEC recently stated, “When a company cuts compliance, violations will occur. And if violations occur, punitive actions should and will be taken…There will be no favor granted because a company made a cost-cutting decision to minimize their compliance budget. That's because now and always, the interests of investors are inextricably linked to strong compliance.” Read Chairman Cox’s speech at http://www.sec.gov/news/speech/2008/spch111308cc.htm.
“The paradox is that better compliance leads to lower operating risk but traditionally at a higher cost. Our customers have found a way to manage this risk better and at a demonstrably lower cost while improving overall business performance,” stated Steve Lindseth, CEO and founder of AXENTIS, “this has been proven to work.”
AXENTIS’ Risk-Driven Compliance Management approach is an industry breakthrough for three reasons:
1. Risk-Driven Compliance Management acknowledges that “absolute compliance” is a logistical impossibility and prioritizes compliance efforts based on magnitude of exposure (i.e. likelihood and potential impact).
2. Risk-Driven Compliance Management is a strong antidote to the ineffective “check box” approach many companies have adopted. A risk-driven approach considers the probability of negative outcomes, thus it is a far superior approach for both complying with the real intent of individual mandates and building a true culture of compliance.
3. Risk-Driven Compliance Management facilitates the integration of compliance activities into the enterprise risk architecture. By being able to express compliance as a form of risk, customers can more readily unify their compliance and risk management activities into a unified, coherent GRC strategy.
Michael Rasmussen, President of Corporate Integrity, LLC and a widely recognized expert on GRC, agrees. “By adopting this method, you will better protect your company from the increasingly diverse and potentially devastating threats of today’s complex global environment.”
“It has been historically difficult to integrate risk and compliance management in order to optimize corporate governance,” adds Brett Curran, Vice President of GRC and Regulatory Risk at AXENTIS. “The complexities of these disparate business processes that cross functional and enterprise boundaries present a new paradigm of risk that is unavoidable. Dealing with this is a strategic imperative for every company today.”
Mr. Curran, formerly the CCO at a leading financial services and insurance company said further, “when I was managing enterprise compliance risk at a large, highly-regulated insurer, we had a huge number of mandates, both from regulators and internal decisions. I had to find a way to put a repeatable process in place, tackle the big compliance risks fast, and then extend that method consistently and with measurement. A risk-driven approach using AXENTIS Enterprise® was the answer and it works.”
For a copy of Risk-Driven Compliance ManagementTM: Optimally Leveraging Finite Resources to Effectively Protect the Business, please visit the AXENTIS online Resource Center at http://gw.vtrenz.net/?NR47IWHIS3=clicksrc:PR.
About AXENTIS
AXENTIS is a global leader of governance, risk and compliance (GRC) management solutions for highly regulated industries including life sciences, healthcare, financial services, manufacturing, and energy. AXENTIS Enterprise® enables organizations to effectively and consistently address internal and external risks associated with all legal, regulatory, and corporate mandates and policies with which they must comply including established federal government standards for an effective compliance program. Founded in 1999, AXENTIS delivers via a Software-as-a-Service (SaaS), reaching individuals worldwide. For more information, please visit www.AXENTIS.com.
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