Risk And Compliance Training Exposes You To Various Corporate Issues

As you undertake risk and compliance training, you will be taught one feature that is more important than ever in a risk and compliance management solution. For instance, it is said that a solution that cannot be rapidly implemented is not worth implementing at all. New risks and regulations in the banking and financial services world come up at an alarming pace. Any solution that addresses them should lend itself to rapid implementation. A traditional, silo-based approach does not provide this feature. A solution built to handle operational risk or financial risk might manage that particular set of risk reasonably well but bringing a new risk into equation requires substantial re-working of the underlying software. Also, a financial risk management solution cannot adapt very easily to managing supply chain risk or manufacturing risk because the algorithms have been configured to analyse only that risk.An integrated solution would provide rich compliance and risk management functionality out-of-the-box. Moreover, the functionality would include core services such as security, integration, workflow, reporting, etc. along with the tools needed to rapidly implement the solution to exactly meet customer requirements.A combination of feature rich solution modules, robust infrastructure and tools, and a knowledgeable implementation team would ensure successful and rapid project execution by employing industry best practices. It reduces implementation time, minimizes risk, and ensures that the solution is configured to meet the customer’s needs.

Similarly, you would also learn about easy maintenance of IT issues. Managing several standalone systems within the enterprise requires a separate maintenance team consisting of managerial and IT resources. There need to be system administrators and business managers for each separate solution. Additionally, the maintenance downtime and cost is multiplied with different risk and compliance management systems. The maintenance of the SOx compliance solution requires downtime that is distinct from the downtime for the legal compliance solution or the operational risk solution. When all these downtimes are added up, it leads to a significant loss in productivity across the enterprise.In contrast, adopting a holistic approach to risk and compliance management requires minimal system administration overhead during runtime as well as when updates and upgrades are implemented.