2. Policy Review and Assessment
In the ASEAN region, there is a growing trend of global and regional foreign banks to use GRC technologies to better control their GRC policies. These include leading banks in Malaysia and one of the biggest stock exchanges in the region.
New technologies are definitely providing great opportunities for large financial organisations to manage their GRC policies. With the creation of the AEC and the changing financial landscape in ASEAN, it is essential for companies and government regulators to reassess their current GRC policies and adjust them in compliance of international standards. The integration of such technology will be pivotal in ensuring not only a smooth transition but the ability to remain in compliance with minimal upkeep.
3. Establishing a Common Framework
A common framework is necessary to facilitate collaboration and maximise team efficiencies.
A business-wide consolidation of data and business applications brings about the much needed structure to manage today's complex environment. An integrated system allows for a common risk language as end users share the same GRC data and reports, giving them a business-wide understanding of the level of risk and priority involved.
Real-time standardised compliance assessment and reports where technology is able to quickly evaluate inherent and residual risk across information security, compliance and litigation, strategic, financial, and fourth-party risk categories and so forth, ensures regional compliance regulation and minimises risk exposure.
A common framework also facilitates communication between stakeholders, helping them better prepare for policy changes by using a common workflow application that reduces duplication efforts and maximises team efficiencies.
In addition, the seamless integration of data systems will improve the flow of information. For example, new regulatory laws and requirements can be relayed information through a common framework to create new applications and processes. This will ensure that business-wide compliance is attained.
With these key issues automated through technology, ASEAN businesses will be in a better place to address the increasing demands of regulatory change, while also moving forward towards better integration.
Sign up for Computerworld eNewsletters.