Compliance Creep and Coracle's Clues to Success
Do you work in an organisation that is required to maintain a rigorous compliance operation?
Many people working in a variety of industries will answer yes these days. It isn’t only financial services that have been affected by ‘compliance creep’. For example, consider the number of regulated personnel working offshore in the renewable or oil and gas sector, or the millions working in education or aerospace.
The challenges of compliance creep
Keeping an accessible and meaningful audit trail can be a challenge, especially if the information is sourced from a number of places. Time-consuming searches to crosscheck the validity of reports is often cited as one of the reasons for companies finding compliance regimes so onerous. Even the most thorough and diligent person stands a relatively high chance of making a mistake when collating data from various spreadsheets.
Some estimates of the value of the GRC (Governance, Risk and Compliance) market are as high as $21 billion, and if this seems a high number then there’s a simple reason: this is a highly fragmented and high margin area. Companies requiring compliance solutions are faced with a complex set of requirements and the potential cost of failure in this area is so high that single purpose software sellers circle with expectation.
Locating compliance reporting functions in a secure online environment reduces cost and increases transparency within an organisation, which pleases staff and regulators alike. Automated workflows can ensure that individuals benefit from timely reminders and a more personal approach, freeing up valuable time for everyone in the organisation.
The tender trap
Many industries have seen a rapid increase in the use of tenders. At a government level, all procurement worth over £10,000 is tendered online and as the government aims to improve the involvement from SMEs they announced in March 2011 a target of awarding 25% of spend with third-party suppliers to SMEs by March 2015.
One element in common between government tenders and private contract tenders is that the paperwork burden and the need to illustrate compliant audit trails has generally increased. If the tendered opportunity is going to rely on the use of, for example, several sub-contractors, then the ability to identify who is and isn’t compliant at any stage of the process is critical. Complex negotiations and tender construction can be undone by simple mistakes and the approach to compliance by many companies can be categorised as risky in this regard.
How can Coracle help?
Keeping track of who has done the training relevant to their role is one of our specialities. The Learning Line gives HR staff and risk officers an overview of compliance levels across their organisation as well as allowing them to drill down and see how individuals are getting along.
Meanwhile, the Skills Spider allows a structured three-step route to training: training that is tailored to each individual. A user self-assesses their own skills and competencies, then uses the Skills Spider to test that self-assessment, and the resulting skills gap analysis steers them towards only the training that applies. This has the potential to save time and cut costs.
If you’d like to find out more about how Coracle can help with reliable, secure and effective compliance systems, we’d love you to get in touch. Call James Tweed on 01223 422015, or email the Coracle team on firstname.lastname@example.org to talk about your needs.