Modernizing compliance processes is no longer an "optional" objective. A full 69 percent of firms are expecting regulators to propose even more rules in the coming year, with 26 percent expecting significantly more. Within these evolving regulatory landscapes, your organization may find it hard to manage new changes. However, it's vital to prepare each year for an incoming set of accelerated regulatory changes.Process mapping for compliance tasks is often complex, but visualization is a more effective approach than combing through pages of documents. Process maps are designed to define how processes flow and interact using visual depictions to show the steps of each process and the stakeholders who carry out each activity. It makes your processes more understandable and how they impact the broader organization. When you engage in process mapping, you will draw a box or other image for each step while connecting them with an arrow to display the workflow.Visual process maps can be used as a training tool for new team members and a guide for current employees to indicate how to improve compliance management efficiency. Further, process maps are handy concerning audits and convey how you conduct your processes to meet compliance requirements.
1. Using Mapping Controls
Controls are used to manage processes, monitor data, help meet compliance, identify errors, and reduce risk. In short, controls are safeguards to ensure your organization operates securely. There are different types of controls, including:
- Policies
- Procedures
- Standards
You may already use specific controls for non-regulatory operations or contracts. When you map controls, you can attain advantages to extend beyond compliance. Mapping controls ensure your organization meets the fundamentals for risk management. Often, the most challenging place to start is with risk management. When you take the time to map your controls, you can determine priorities around governance, risk, and compliance.Additionally, mapping controls give you the ability to execute one assessment, which can comply with multiple frameworks. Therefore, you save time. Also, you can remove any assumptions previously made about your current risk posture. With the challenges of the global COVID-19 pandemic and the rise of permanent remote work, organizations now have to manage multiple moving parts. So, it is vital to update and map controls to incorporate a remote working environment.Without question, maintaining process maps can also become more complicated than creating your original process map for compliance. Still, once completed, you can use your visual map to streamline and optimize your compliance processes. As a result, your maps are easier to maintain, review, and update as needed.
