Performance ● Governance ● Compliance (PGC)
The New Regulatory Environment
When all is said and done, regulatory compliance means that your firm has the discipline and knowledge to manage business rules at any level of abstraction. From external industry regulations and laws through company policies and procedures, right down into declarative business rules that reside in software code and that enforce the rules automatically. Thus you firm needs to consider how you best sustain compliance by considering the underlying lifecycle practices of Business Rule / Process Management for both business and technical professionals.
Regulatory compliance requires long-term thinking, due not only to the infrastructure investments required, but also because most major industry regulations are on-going in perpetuity! Industry regulations such as Sarbanes-Oxley, the Basel Capital Accord (Basel 2), HIPAA, FDA 21 CFR Part 11, and DoD 5015.2 have (at least) 3 things in common:
1. First, they are all based on business rules that must be deployed and enforced enterprise-wide.
2. Second, the business rules need to support and enforce well-designed business processes that are also deployed enterprise-wide.
3. Third, regulatory compliance requires that your enterprise have a PGC software solution in place that manages the regulatory requirements, the business rule / process assets used to achieve compliance, and all the individual / team roles, tasks related to the on-going remediation / compliance efforts, internal controls policies and procedures, and all relevant documentation.
RuleSphere solutions can be applied to any regulation, law, best practice framework, or standard. Our software can help your company to manage thousands of PGC objects while significantly increasing the 4 “C’s”; communication, control, coordination, and collaboration. We can also show you how to automate any best practice framework that you need to guide your employees in their compliance and remediation work such as COSO®, COBIT®, ITIL®, CMMI®, etc
