The Key Characteristics of RegComTech® Governance, Risk Management, Compliance (GRC) and IT-Security Doctrine, Manifesto and Compliance Platform
Most services, trades and industries are under the supervision of some regulatory compliance with an oversight authority to monitor and report its activities. If the compliance processes and activities are appropriately collected, applied and developed the outcome, consequence and intelligence that results from these processes can also use this information for general business purposes and converted to improve market power and economic gain.
Compliance activities are produced upstream but consumed and disclosed downstream. Therefore there is a linear GRC flow of transactions, processes and assessments in the RegComTech® Compliance Manifesto.
RegComTech is a better platform that will have a decided advantage because the digital platform can easily connect all GRC enterprise activities that are built on business, products and services on top of each other to co-create business and corporate value. This ability to “plug-and-play” is a defining characteristic of The RegComTech® Governance, Risk Management, Compliance (GRC) and IT-Security Platform
The RegComTech® GRC Platform has the following key characteristics:
The RegComTech compliance model has the advantage of applying to both continuing compliance events as well as to single GRC events;
- The RegComTech® technique defines disrupts and performs several critical GRC functions in a combined, integrated and structured manner across the organisation and within the idiosyncrasies of the particular industry
- Predefines certain “GRC standards” that influences over the overall RegComTech® architecture
- The RegComTech® design is open or semi-open for other interrelated processes within the organisation to build upon to address the many GRC components in the structure.
- The capacity and goal are to allow all stakeholders in the compliance network to determine the upside and to attract participation in the manifesto by determining the aggregation of the GRC activity and by allocating appropriate resources
- Early momentum drives the demand for other interrelated GRC process or activity for compliance or business trade-offs.
The RegComTech® doctrine is based on recognising the retroactive identification of Corporate Governance;
- The RegComTech doctrine depends on the regulatory compliance liability, solely related to risks of non-compliance and to eliminate the liability of timely non-compliance.
- The RegComTech doctrine is geared to make amends for identifying the processes and events that create compliance issues.
- Substantial non- compliance risk should not be allowed to happen without identification and allowing for the option to resolve the compliance issue.
The RegComTech®platform is driven by the transformative technologies of integration of the cloud, social, and mobile skills;
- The cloud enables a global infrastructure for the organisation allowing the stakeholders to create content so that the compliance applications can be used by all.
- The social networks connect stakeholders across the organisation and maintain their compliance identity, role and responsibility online.
- The mobile allows stakeholder connection to the RegComTech® global infrastructure.
The result is that RegComTech® is a multi-sided, globally accessible GRC system that is available to create GRC activities, contribute content, and respond to the oversight demand for compliance disclosures.
The RegComTech® platform strategy is determined by three design factors:
- Assemblage: The ease of GRC plug-and-play into the platform to share, transact and disclose
- Integrity: The simplicity on how the platform appeals to the solution of other GRC activities
- Structure: The use of data to foster exchange and co-creation of GRC values
The RegComTech platform consists of the following disruption blocks:
- The RegComTech Appliance creates a connection to all defined compliance activities by making it possible to plug into the RegComTech platform. This RegComTech infrastructure then enables the interactions between process and disclosures and the possibility of developing RegComTech Apps for uniform oversight and monitoring compliance activities and disclosures.
- The RegComTech Dealer takes the critical mass of GRC processes to scan for duplication and forward integration of GRC activities to leverage and harness the network of compliance activities for efficiency.
- The RegComTech Compliance Fixer promotes the flow of GRC value by making connections between the event/process and the disclosure. Data and transactions are at the heart of the Compliance Fixer by capturing the big, rich and structured data on the compliance process and leverage that data to facilitate compliance disclosures by matching the source and mandate of online GRC content.