RCM – Regulative Compliance Management refers to a business aspect that ensures best practices for implementation of business regulations implemented by the federal or state government. Failure of obedience with these laws leads to financial and operational consequences for the company.
It can be explained as a business function established within the company to facilitate RCM best practices. RCM is established with consideration of activities violate regulatory compliance in business.
This is why most companies install compliance management software applications. These are designed to develop the company’s regulatory system. Despite having the software, it is a recommended best practice for small businesses to rely on information provided by officers and directors. The software helps train both executives and employees on RCM.
Importance of RCM
In the past there has been a lot of havoc over failure of RCM best practice. This is why the latest trend to be exemplary executives and officers with the best management system. This also helps steer clear of governmental penalties that can harm the company’s short term system.
How to Improve RCM
Sometimes companies have proper regulatory management systems. However, for some reason or another it fails. There are numerous options for improving the system.
This means that some best practices that are not regularly implemented should be implemented more frequently. If possible implementing them on a daily basis is ideal for continuous RCM.
Moreover, key personnel must be trained for RCM. They must have awareness about best practices that are being ignored and that are required. The training must be in conformity with regulations implemented by the state or federal government. For international companies, awareness about the host country’s regulations regarding RCM must be taken into account.
Organizations today are required to comply with an increasing number of international, national and industry-specific regulations. The regulatory compliance process is continuous, and needs to be closely monitored. As management is personally liable for maintaining regulatory compliance, this responsibility requires significant management attention and allocation of time and effort.
Compliance experts/workers across industries face several challenges. On one hand is a regulatory landscape that is constantly changing. On the other are rising expectations from regulators to demonstrate a culture of trust and integrity. Added to that are stakeholder pressures to reduce the costs of compliance while improving operational efficiencies.
In dealing with these challenges, traditional approaches to compliance management—which are typically ad hoc and manual—are no longer effective nor efficient. They require compliance teams to spend most of their time sifting through volumes of compliance assessment documents, records, and emails in the quest to generate meaningful insights. Traditional manual approaches also make it challenging to consolidate compliance information from across business units and geographies, and to compare trends across different assessment periods.
As compliance initiatives become more intertwined, organizations are increasingly adopting an integrated and streamlined approach to compliance – one that can help them minimize redundancies and costs, while also strengthening visibility into their overall compliance and risk profile. To support and enable these efforts, many compliance experts/workers are deploying specialized compliance solutions.
GOLDENHORN eGRC RCM
The GOLDENHORN eGRC Regulatory Compliance Management is one of reliable solutions in the GRC market that provides a comprehensive and consilience framework for simultaneous handling of numerous enterprise regulations in different environments. The Regulatory Compliance Management enables enterprises to define and maintain compliance related data, manage and reuse processes and assets in scope, identify risks, define controls, and manage compliance tests and self-assessments.
The GOLDENHORN eGRC RCM includes powerful tools for regulation management, such as configurable control/audit reports and compliance status dashboards. With our MultiTenant technology, multi-subsidiary organizations can now manage their regulations centrally within an easy and flexible environment.
You can use Internal Audit Management as a standalone GRC solution or integrate it in GOLDENHORN eGRC with existing submodules for e.g. Internal Audit management, Operational Risk Management, Internal Control Management etc. Since the methodology is aligned, data from cyclical internal audits and acyclic ones are seamlessly integrated. This generates a greater scope of information and a better foundation for making decisions regarding changes.
Creating custom reports is considerably simplified with GOLDENHORN eGRC.
Thanks to the modular configurations of GOLDENHORN eGRC RCM with different submodules and features: