Did you know that the earliest practice of making New Year’s resolutions can be traced back to the ancient Babylonians? Granted, they did their resolutions at the start of spring, but the idea was the same—they made promises to their gods to return borrowed things, pay debts, and so on. Apparently people have been making—and breaking!—resolutions ever since.
In honor of 2016, our SAP GRC team has put together a few GRC resolutions for the new year. We hope you find a few of these useful for your company in 2016.
- Re-emphasize the importance of good corporate governance practices and how they benefit your company throughout the year. Perhaps have a kick-off message from the CEO in early January.
- Verify that company policies are scheduled for regular updates, distribution, and acceptance by employees and are supported by appropriate learning activities.
- Decrease the time, effort, and money spent performing and testing manual control activities by using continuous control monitoring.
- Take your chief auditor, chief risk officer, and chief compliance officer to lunch and ask how you can work together to benefit the business.
- Ask your staff or co-workers to help assess business risks in their areas of responsibility and to raise issues they believe should be addressed.
- Provide refresher training on key regulatory compliance requirements early in the new year.
- Remind employees in your next staff meeting of your work group’s critical business objectives, how they are measured, and how they align with the overall company strategy.
- Ensure that the company’s business partners are also compliant and as risk-free as possible.
- Protect yourself against fraud with strong controls and policies for prevention, and effective scanning processes for early detection.
- Commit to using technology wisely to make GRC activities as painless as possible for all concerned.
Please share your own GRC resolutions with us, and to learn more about SAP solutions for governance, risk, and compliance, visit the GRC page on the SAP website.
The GRC team at SAP wishes you and your company a prosperous and GRC-aware new year. May your risks be small, your performance great, and your control weaknesses few.
The SAP GRC Team: Jan Gardiner, Bruce McCuaig, Jérôme Pugnet, and Thomas Frénéhard
For more insight on GRC, see Governance, Risk, And Compliance, Taking Into Account Cultural Differences.