If your staff and budgets are stressed by the challenges of your compliance programs, you are not alone. This is a universal problem faced across the industry. The compliance life cycle is lengthy and there is no solution that addresses these issues consistently in all the phases.
Most teams fail right at this hurdle and the problems percolate across the later phases. Most teams manually go through the Federal Register document and Rule management is manual. When the rules evolve, capturing rule updates to assess gaps is cumbersome. It takes approximately 80 man hours to segment every 100 pages of rule text and have them available for use in Excel or GRC Systems.
All the information needed to evaluate rule requirements are often not easily available. Current state and gap assessments are not easy given the multi-dimensional nature of the task. The focus of the rule text or guidance is not understood clearly by the operations teams because they just see the processed information. Gap assessments loose the section level focus and the pillar level attention they need for comprehensive coverage.
Implementations are not easily traced to the section level. Teams work in silos and multiple programs have redundancies. Validation and audit processes have to start afresh every single time.
Agencies have their audit processes aligned by the section level. But implementation rarely mirrors these processes and hence demonstrating compliance is a challenges.
Hence, there is a need for a new paradigm in compliance implementation.