In our quest for business productivity and cost savings, compliance teams are all too often being given increasing demands to keep the organization out of trouble, but are not being allocated additional budget to achieve this goal.
It typically takes a high-profile violation or industry-wide regulations like FCPA, to kick-start the implementation of risk management and compliance programs. And even then, there’s resistance due to concerns about the cost for these new programs and the potential for additional bureaucracy, slower decision-making and operational inefficiencies. When given the choice, today’s business executive tends to err on the side of speed over process.
Today’s automated ERP systems are designed with the intention of streamlining information delivery and decision-making, as well as providing decision-makers with sufficient information to make informed decisions and then providing electronic decision-making and audit tracking. The best of both worlds: speed and process accuracy, plus compliance.