Compliance to Competency - Is compliance a bane or a boon
Vladimir Lenin, leader of the Russian Revolution, said: "Trust is good, but control is better." But stake holders across the globe are wondering if "Control is good but trust is better". We trust that our employees are executing the control activity as intended. We trust that our auditors are doing a good job of verifying the controls. We trust that the management is keeping a close watch on the day to day activities and will arrest any devision soon.Trust is inevitable as long as at least a part of the control is executed by human beings. Total automation of controls is a myth and can not yield the results in addition to being disproportionately expensive as compared to the risk that the control is mitigating.
Right mix of people, process and technology will make the compliance process more reliable, effective, holistic, integrated and less expensive as against any one of the people, process or technology. Harnessing the right mix of people, process, technology and starting early is the key to success compliance along with large transformation programs.
Right mix of people, process and technology will make the compliance process more reliable, effective, holistic, integrated and less expensive as against any one of the people, process or technology. Harnessing the right mix of people, process, technology and starting early is the key to success compliance along with large transformation programs.
