Top 3 Challenges When Updating Your Compliance Framework
It seems that every year there has to be an update for the compliance frameworks. You can find this change to be really annoying especially if you spent so much time implementing your previous framework. The increase of cyber risks brought about the need for compliance frameworks. With the technology advancements in place, you should expect new features to constantly appear in the market every 2 to 3 years.
This means that you should always be armed for regular updates. You might be tempted to forfeit these updates but don’t. Always remember that they are a necessity. It is for a fact that updating compliance frameworks can tend to be very costly and it can take up a lot of your time. That is why you should consider a tool that will easily implement these updates, however complex they may be. This tool helps you to avoid the errors that you are likely to make when updating your framework manually.
Whichever method you may prefer to update your compliance frameworks, chances are that you will still face these three major challenges which are:
Difficulties in Learning the Effects on Your Audit Program
The new updates, however minor they may appear, can greatly interfere with your normal operations. It is paramount that you consult professionals that will alert you of the changes that you should expect on the upgraded compliance standards.
It is crucial too that you have a session with the compliance community so that you can understand the new methods of operations. However, it can still be difficult for you to interpret the changes that the updated compliance framework has on your audit program. These difficulties may come about because:
- The interpretation of the stakeholders varies with that of the compliance team. It may be difficult for you to completely understand the intentions of the compliance team.
- Complications may appear from the underlying domain due to failure to update the COSO/COBIT.
- It is possible that you have many excel spreadsheets that have specific controls for different areas of your firm.
- Recording a present audit timeline that has the scope and the signed contract on the previous compliance framework.
There is a way that you can manage these updates. You could consider using a tool that detects all the changes in your operations and it implements the changes fully. You cannot afford to miss any of the updates since it could result in gaps in your audits.
Challenges in Updating Controls
The challenge comes about if you store your control files in different locations. You will have to combine all your files in one place to update them. Usually, this ensures that you achieve maximum accuracy and uniformity in your organization’s activities.
It is important to always keep a tracking version of the control files to ensure that they are updated easily. In a scenario that you have a custom framework, you should understand the areas that rely on the particular framework so as to update it consistently. Tracking all the changes in your custom framework can last you a couple of hours. However, you can use a tool that will automate the updating process of the controls to make it quick and error-free.
The Task of Integrating Your Audit to the Changes
Of course, updating your current framework will result in great changes to your audits. You can approach this task by hiring an external auditor to access the effects the updates will have on your audits. It will also be easier to answer any questions that the auditor may have.
You can also bring a specialist on board to address the specific changes that you need. Basically, a compliance specialist has vast knowledge on the specific framework while a compliance professional understands numerous standards.
If your company is always lagging behind in updating your framework, you might want to consider experts that will do the task for you. A general compliance expert would be great for you when you need a lot of compliance assistance.
In addition, there is software that can manage all your compliance updates. It makes the whole process to become easy and fast. This tool will assess your risks, restructure the workflow, unify the management of your controls, record the compliance system and it offers a centralized dashboard where you can access all your operations.
Ken Lynch is an enterprise software startup veteran, who has always been fascinated about what drives workers to work and how to make work more engaging. Ken founded Reciprocity to pursue just that. He has propelled Reciprocity's success with this mission-based goal of engaging employees with the governance, risk, and compliance goals of their company in order to create more socially minded corporate citizens. Ken earned his BS in Computer Science and Electrical Engineering from MIT.