Compliance is the act of fulfilling a regulation, command, a policy or a procedure. These actions are generally put in place to support certain regulations and standards that need to be fulfilled by the industry segment in which the company operates. Moreover, agile entities believe in doing things faster and better. Agile compliance involved running the compliance efforts in an agile manner. Regulatory frameworks evolve and entities must find a way to respond to these changes quickly. If not done in the right manner, they end up wasting enormous resources on change management. Real time risk management is already is reality.
VComply is a tool which focuses on rapid iteration, quick improvements, and moving faster towards technology improvements of the application. Agile Development has become ubiquitous, particularly in startups. An average bank spends 40-60% of its change budget on regulatory changes but wastes this money more on inefficiencies as per a BCG article.
Following are the agile principles :
- Focus on quick wins, not multi-year plans.
- Listen to your company’s customers, most new compliance requirements come from them, not the government.
- Iterate, iterate, iterate, and do continuous controls and testing improvement on regular weekly, monthly, and quarterly cycle
- Do more with less
A GRC tool which follows Agile methodology shall help any entity to stay compliant and efficient.
Scrum is a lightweight agile project management framework, which is here to promote transparency and deliver reports. It helps in risk mitigation through short iteration delivery of value.Thus, compliance has also become a part of the agile culture of value delivery with the advent of various eGRC software which update themselves with continuous regulatory changes.
Compliance is not an option anymore! With the Government increasing the quality of monitoring, one needs to have a standardized tool. Even though not all compliance activities can be automated some regulatory requirements mandate manual reviews. With the advent of eGRC solutions, companies have started saving cost of compliance. Generally, big Problems require small solutions. A series of small fruitful ideas lead to a monumental solution which helps people to make their lives easier.
Thus, to achieve the Agile Culture in compliance, one must-
- Create an Agile Team for specifically for this purpose
- Maximise transparency and generating trust
- Keep themselves updated with regulatory changes
- Monitor and update the internal controls periodically