The capabilities of technology have increased to such a level that you have the ability to control critical business performance metrics with continuous monitoring. The resulting information can be compiled into interactive dashboards to give you real-time data and transparency. This can allow you to catch problems and find solutions to issues so you can streamline operations and reduce financial risks.
It doesn’t matter what industry you work in. Whether it is banking, insurance, healthcare, utilities, or any other, understanding control automation and continuous monitoring is critical.
“We talk about the process of setting up metrics and routines for measuring, monitoring and reviewing information relevant to goals, and examining that information against strategy, effort and performance,” says Fedders. “This process is key to accountability within an organization.” That accountability in mind, she adds: “We constantly ask our business owners to think about what they could track that would provide an ‘early warning system.’ In manufacturing, for example, the cost of raw materials may be far more important than reviewing quarterly financial statements—by that time, any opportunity to change course is gone.”- Joni Fedders, president of Aileron
With the rapid pace of regulatory change, organizations must find a way to keep up to date and be proactive in managing the regulatory requirements. The intake process must take into account industry best practices, be flexible enough to cover all regulations or organizational mandates and facilitate collaboration among key stakeholders in order to ensure regulations are understood, requirements are reviewed and controls are implemented consistently.
Through continuous monitoring solutions, you have the ability to stay on top of all regulatory compliance requirements within your industry. Much of this can be automated and updated without any input on your behalf. This allows you to stay compliant with all that is required and reduce the amount of time needed to manage the processes. Reducing the number of manual activities can streamline operations and ensure that information is at your fingertips for any kind of audit that will take place on premises.
Financial Impacts of Risk
Continuous monitoring and control automation is needed to be able to reduce the risk of financial impacts. Many companies focus on access risk analysis as opposed to constant monitoring and this can be a mistake. Risks need to be identified in an ongoing way so that controls can then be put in place to minimize the risk and the overall impact on the business.
Contact us at Greenlight Technologies to learn more about continuous monitoring solutions that leads to higher transparency for your operations.
Greenlight Technologies. Enterprise Solutions. Beyond Boundaries.
Greenlight risk and regulatory compliance solutions provide an enterprise-wide approach to effectively govern cyber risk, manage regulatory change and quantify the impact of financial and operational risk. Our unique ability to integrate with and correlate data across multiple business applications, coupled with powerful analytics aimed at business users, delivers enterprise visibility of risk exposure and regulatory compliance from a single platform.
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