Halloween Blog Special – 5 Things That Spook The ViClarity Team
The world of audit, risk & compliance can be a scary place at the best of times but like anything, at Halloween it can become even spookier.
We’ve surveyed the office and have come up with the top 5 areas within audit, risk & compliance that spook the team out:
1. Manual Risk & Compliance Processes – whether it’s Paper, Excel or Word, manual risk & compliance processes is the number one thing that spooks our office. There’s nothing scarier than browsing through reams of paperwork or chasing colleagues for excel sheets when a regulatory report is due. Think about automating these processes in 2020.
2. Legacy & Unsuitable Systems – Something almost as scary as a manual process is a process that is on a legacy or unsuitable system. System slowness, difficulty reporting and inability to adapt to change are some areas that can cause a scream or two. Luckily ViClairty is there to replace legacy or unsuitable systems.
3. Closing Out Actions – We’ve seen some of the scariest action plan processes you can imagine where it’s impossible to see what actions are completed, in progress or overdue. ViClairty can remove these ghostly (ghastly) processes with our corrective and preventative action plan feature which ensures a closed-loop process for all actions.
4. Lack Of Accountability & Transparency – Audit, risk & compliance processes are often haunted with a lack of accountability & transparency. Often as tasks fall through the cracks it is difficult to pinpoint who is responsible. You won’t be tricked only treated with ViClarity’s full audit trail functionality that encourages full accountability and transparency.
5. Over Stretching Resources – Certain members of the risk & compliance team can become so overworked they are worked to the bone. These are the poor souls who have to haunt their colleagues to send them Excel sheets and then have to search through multiple sheets to pull out the data they need. With ViClarity this process along with many others is fully automated freeing up resources to concentrate on reporting and fixing any areas of risk or non compliance.
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