| Regulatory Compliance Just Got Easier |
There’s bad news and good news. The bad news is that, according to a recent study by AMR, over 69% of compliance costs are labor related, spent on things like internal staff and consultants. The good news, according to the same AMR study, is that on average, most companies can save 25% or more on compliance costs through the use of labor saving technologies like software. Perhaps the best news of all is that with StoneArch Software realizing these benefits just got easier. |
| Where We Can Help |
- Sarbanes Oxley (sections 302/404)
- Basel II
- FDA
- OSHA
- CAP
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| The $618 Million Compliance Failure |
The cost of compliance failures can be staggering. As a result, corporations seem to be getting message – follow the rules or be prepared to face severe consequences. Consider the case of Dr. McGuire and UnitedHealth Group: |
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“Dr. William McGuire, the former chief executive of UnitedHealth Group who lost his job a year ago in the wake of a stock options scandal, agreed Thursday to surrender an additional $420 million in options and other benefits he obtained while running the nation’s biggest health insurer…The blockbuster settlement, with a total value of $618 million, is the largest to date in backdating scandals that roiled corporate America in 2006… If you were another CEO and you were caught up in a stock options scandal, this is the kind of thing that would make you nervous.” Minneapolis Star Tribune, 12/6/07 |
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In general, it is not uncommon for corporations experiencing regulatory compliance failures to experience one or more of the following:
- Fines
- Criminal penalties
- Lost contracts
- Work stoppage
- Lawsuits
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| The StoneArch Difference |
StoneArch’s solutions are easy to install, easy to use and have a lower total cost of ownership. Our software has been designed to manage and automate each step in the compliance process to save time, automate repetitive tasks and reduce errors. The bottom line impact: fewer compliance failures and lower compliance costs. |
| The Regulatory Compliance Process |
If you are like most companies, you began by using manual processes to understand “how to get compliant.” This probably involved hiring consultants, trial and error and dependence on manual, labor intensive practices.
StoneArch Software includes a document management system and workflow tools that were designed with these steps in mind, to automate the entire regulatory compliance process. Processes include: |
Documentation: The first step in the process is defining the key processes and controls. Processes and controls are revised as necessary. Documents are approved by the appropriate person(s) and become available to distribute throughout the organization. StoneArch’s software manages this process as described by the Committee of Sponsoring Organizations (COSO) framework. |
Publishing: All compliance documentation is stored in a single, centralized repository allowing process owners, executives and auditors access through an easy to use, secure, web-native interface. Only the latest, approved versions are accessible reducing time and duplication of effort. |
Certification: It is necessary to validate that the organization is in compliance with regulatory requirements on a regular basis. If tests fail, issues and improvement plans need to be documented and tracked through their process. We solve the challenge of sustainable compliance. |
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Reporting Tools: The status of the organization’s compliance must be available at any time. Reports and dashboards provide full and complete information on the status of all compliance tasks throughout your organization. Provided are macro-level views of any step in the process with the ability to drill-down to specific details in seconds. |
Workflow Automation: An embedded workflow engine automates the movement and tracking of content, allowing tasks to be prioritized, distributed and handled by multiple workgroups and individuals for completion. Processes are supported with event triggers to facilitate document reviews and test activities. It tracks and notifies where you are in the compliance process with activities, improvement plans and remediations; all necessary to meet your audit deadlines. |
Audit Trails: Audit trails are available for all events including editing, requests for approval, approvals, accessing documents, and checking documents out of the system. This information is accessible by any authorized user. |
Security: All access is performed using web-based protocols. A strong security layer that protects all information is held within the database. Because of this, all information can be securely accessed using an Internet connection and controlled using the administration tools available within the solution. |
| Why Automate? |
Customers tell us there are a host of reasons to automate including saving money, eliminating mundane, repetitive tasks and reducing the risk of compliance failures. With manual systems, too many things are left to fall through the cracks. These include:
- Tracking and managing edits, issues and resolution of compliance failures
- Making sure only approved documents are distributed and accessible
- Ensuring that policies have been read, reviewed, and are being followed by all the right departments, employees and vendors
- Managing audit trails that may be incomplete or take hours to produce
- Storing electronic files in directories where systems aren’t in place that prevent people from changing, deleting or destroying them
- Having to manually compile data for reports, or worse, preparing reports based on data of questionable accuracy
- Relying on manual systems to perform key compliance activities that may cause delays or key activities to be missed
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| Make Your Life Easier. Talk to StoneArch |
Are you ready for an easier way to manage risk? Call StoneArch to find out how you can reduce effort, shorten compliance cycles, increase accuracy, reduce risk management compliance failures and lower your company’s exposure. |
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