ClusterSeven and CCH Sword recently took part in a forum to discuss the implementation, costs and benefits of good control initiatives and how they reduce risk. This roundtable provides technology vendors a unique forum in which to disperse intellectual capital through a question-and-answer roundtable activity
Risk: What return on investment (ROI) can be anticipated from compliance initiatives?
Substantial return. Unfortunately, without strong business participation, compliance initiatives often become tick-box exercises. This just reinforces preconceptions that they are 'all cost and no gain'. No wonder the common response is "how long can we delay?" In reality, good control initiatives can deliver reduced risk and increased efficiency, plus new business insight, justifying the investment many times over – the compliance element essentially comes for free. This sounds like the holy grail but we have seen it many times when replacing manual, error-prone controls. This saves many hours of employee time and eliminates one of the biggest causes of operational losses recorded in Basel registers.
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