Organizations - from the level of executives, corporate boards, and compliance departments, to risk management and audit groups - are facing increasing pressure, oversight and scrutiny by regulators, shareholders and external auditors. As a result, professionals managing internal assurance functions struggle to cope with overflowing information requests, new compliance requirements, and rapidly rising demand while working within constrained budgets with fewer resources. Despite an increased investment in compliance, internal audit, risk management, and corporate governance, significant assurance gaps still exist in most corporations. While isolated, one-time, incidents of governance failures are bound to occur, long-term systemic failures become more than just an isolated anomaly. Although fingers often point to one specific area of the company as the guilty party, these systemic failures are the result of much more than a couple of overlooked risk assessments or poor management decisions; they indicate that the assurance functions of legal, compliance, internal audit, and risk management, in most cases, are not sharing common business processes, terminology, technology, information, or a assurance methodologies.
The traditional approach to governance, risk and compliance within corporations is disparate and siloed with separate point solutions used to address each assurance group’s requirements. This creates a fragmented approach that leads to inefficiencies, added costs, an inability to maintain compliance initiatives and ultimately leads to uninformed and inaccurate decision making.
Governance, risk, and compliance activities are, by their very nature, interconnected and therefore should rely on common sets of information, methodology, processes and technology. By establishing and integrated discipline encompassing regulation, policies, risks, controls, and issues, leading organizations are demonstrating that they can better leverage business intelligence, gain operating efficiency, and provide greater transparency into overall business risk.
Thomson Reuters Accelus is a combination of proven, best-in-class technologies and services with the common objective of managing business risk while driving business value. As a comprehensive suite of solutions built to address Governance, Risk and Compliance challenges, Thomson Reuters Accelus offers numerous solution suites, comprised of diverse product offerings.
These combined assets reduce fragmentation and promote integrated GRC by delivering:
Thomson Reuters Accelus solutions directly contribute to: