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BPM for Risk Management & Compliance
The Challenge
Risk Management – this single objective is critical to the success of both commercial and government organizations. The need to proactively manage risk has increased in importance recently due to several factors – including high-profile business failures, government breakdowns in security and the rise in terrorism, and the increasing amounts of regulation being mandated by various governments. As a professional in the business world, you need to be concerned about risk on three fronts:
- Financial – Many large corporations have served as examples of what can happen when you have poor control over accounting processes and inadequate corporate governance. The impact on stock price, company valuation and cash flow can be devastating.
- Organizational – How do you measure the impact that a scandal has on your brand, your reputation, customer loyalty and employee productivity? While it is difficult to put a price tag on the value of these intangible assets, most managers will agree that a significant hit to any one of these areas can severely impact market share and profitability – sometimes so severely that it results in organizational shutdown.
- Personal – Suddenly it is not just about business anymore. As a manager, failure on your part to adequately manage risk in your organization can result in loss of your job, tarnishing of your reputation, and legal actions that could lead to jail time.
Government organizations around the world are forcing the compliance issue by mandating regulations on everything from accounting practices to homeland security to quality assurance – making compliance by the required deadlines a necessary task.
With so much at stake, it is not surprising that risk management and compliance have risen to the top of the priority list for just about every business and government executive.
But with so much information flowing through your organization, so many disparate systems running various processes, and so many people involved in the running of your business, how can you even begin to gain the control necessary to meet internal and external risk and compliance initiatives?
Our Solutions
Metastorm’s business process management software delivers a mechanism for creating consistent, repeatable processes that can enforce process adherence, ensure authorization and security, and maintain an audit trail of both content and actions that are critical to the process. The software works with systems you already have in place and can be implemented quickly – a very important factor to consider when you are facing short compliance deadlines. And because Metastorm’s BPM software is designed to be flexible and adaptable and allow for dynamic process changes, it is very conducive to managing multiple processes and keeping up with constantly changing regulations.
And best of all, Metastorm's BPM software has already been proven to be an effective application for compliance and risk management by many organizations – both commercial and government around the world – to meet regulatory requirements related to:
- Accounting process oversight
- Anti-money laundering
- Basel II
- Contract management
- Crisis Management
- Franchise laws
- Freedom of Information Act (FOIA)
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- Government Paper Elimination Act (GPEA)
- HIPAA
- ISO 9000
- Pharmaceutical regulations
- Sarbanes-Oxley
- UK Online 2005
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Proven Results
Greater Visibility
Visibility into what is going on across a process is the key to controlling and managing it. Metastorm’s BPM software automates the processes that are critical to your organization – those that most directly affect your risk. The software interface gives managers the ability to monitor key real-time activities via a dashboard or a “watch list.” Continuous monitoring features allow you to set alerts or timed actions to ensure that critical issues are made visible for immediate action, and the software’s reporting & analysis capabilities allow you to evaluate performance and measure risk based on criteria that you establish. You can leverage this increased visibility to not only meet regulatory requirements, but also to improve processes and continually lower your overall risk.
Repeatability and Control
Risk management and compliance have more to do with process than with people or data. If you are able to gain control of processes, create consistency in a process and document what is happening at every point in that process – including the people, actions and data involved – you will be able to significantly reduce risk across the board and achieve compliance with a broad range of regulations. Metastorm’s BPM software gives you the infrastructure you need to create automated, repeatable processes with built-in authorization and control mechanisms.
Comprehensive Electronic Audit Trail
Because Metastorm's BPM software controls the flow of the process, you are assured that critical steps are consistent and repeatable and that only authorized personnel are able to take action. Data is safeguarded and an audit trail is automatically captured and stored in relational database, making reporting and analysis fast and easy – for an auditor’s review or your own review for control or improvement purposes. The audit trail includes not only process flow and actions taken, but also electronic copies of the documents and signatures at each stage in the process.
Successful Implementations
Metastorm's BPM software enables organizations across industries and geographies to better manage risk and meet compliance deadlines. Just ask these satisfied customers:
Amerisource Bergen
Aventis
Bachmann Group
Blue Rhino
Brembo
Cooper Tire
EyeMed Vision Care
FCC
Gaston Memorial Hospital
Great Clips
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IMS/IMP
London Underground
Martineau Johnson
National Archives
NTSB
SAIC
Sumitomo Mitsui Banking Corp.
UK Home Office
USDA
U.S. Treasury CDFI
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Compliance, Risk Management
