Cross Industry Governance and Compliance

The regulatory burden on businesses grows more onerous every day: Sarbanes-Oxley, Payment Card Industry Data Security Standard (PCI/DSS), Statement on Auditing Standard – Service Organizations (SAS-70), California Security Breach Information Act (SB 1386). And this burden is not lessening; rather it is growing more complex and more expensive.

Companies have responded by allocating headcount and money to the problem and by quickly creating a host of distinct "point solutions" to meet compliance challenges. These solutions are proliferating throughout the organization – they can be found in the audit committee, finance, HR, sales, procurement, and IT. Entire compliance departments are even being organized around specific regulatory bodies, such as the SEC for Sarbanes-Oxley, or the FDA in response to the Health Insurance Portability and Accountability Act or the Gramm-Leach-Billley Act.

It is extremely inefficient and costly to approach governance in this manner. There are duplicate investments in staffing, technology, and training. Requirements are not well defined, and they are redundant and overlap. Each "silo" approaches compliance in its own particular way and is not designed to talk to other point solutions. Information is not shared; there are multiple versions of the truth. And most importantly, there are compliance situations and exposures falling inadvertently between silos.

Governance imposes a major burden on core business functions as these functions attempt to satisfy all the compliance requests, coming from all the different point solutions, while trying to conduct daily business. And the demands and requests are growing.

This is why Polivec designed its Enterprise Governance Solution that integrates and controls all aspects of governance. The cornerstone of the solution is the unique Policy Center – it allows officers to create and store policies that fulfill regulations. All required procedures and tasks, needed to fulfill those policies, across all corporate organizations, people, processes and systems, are housed in one place. The Center determines who has access to the information, and who has reviewed and approved the policies.

Other parts of the Polivec Solution, inform appropriate employees, collect real-time data from all compliance activities, organize both automated and manual tasks, link the practices back to their specific policies and regulations, ensure that policies meet regulatory requirements, monitor the enforcement of all of the policies, highlight gaps in compliance, and signal management when any lapses occur so that they can be addressed immediately.

The Polivec Solution integrates all the compliance data from end-to-end in one seamless software platform. The Solution incorporates state-of-the-art programming language, development techniques, and utilizes industry standard relational databases. Investments in current point solutions are also protected. If a firm has existing compliance software, this can be immediately integrated into the Polivec Solution. The Solution is designed to accommodate implementations, in specific functional areas along with specific regulations, and then grow to encompass all functional areas, over time, as new regulations and policies are phased in.

The Solution gives you an integrated, enterprise view of all governance activities and allows you to manage risk, reduce cost, minimize complexity and protect your current investments in compliance.