BSBCOM603 Plan and establish compliance management systems Assessment 1 covering the bases of compliance oversight. It’s true that risk managers need to be aware of compliance risks, but the bulk of their role needs to focus on risks as they pertain to strategic planning. This is where strong and clear communication between the board of directors and the risk managers is vital. Compare systems or components in terms of: Cost $10,000 Effectiveness Reduce violations and lost revenue from non-compliance and government fines Central repository of regulations and controls, e.g. HIPAA, NIST, PCI Improve efficiency with a streamlined compliance process Easily customize the platform to align with business as it evolves Increase user adoption with an easy to use interface Efficiency Eliminate reliance on excel spreadsheets and emails Improve quality of controls across the business by tracking gaps A controlled, repeatable process with an audit record of every interaction Build workflows to match your business with drag and drop functionality Analyze and remediate risks with intelligent reporting Feasibility I think the LogicGate are suitable to be applied to the organization. Match to organisational culture Maintain regulatory compliance by linking rules to lines of business and ensuring the appropriate policies, procedures, and controls are in place. 5
BSBCOM603 Plan and establish compliance management systems Assessment 1 Recommend system or components. LogicGate Software LogicGate is a cloud-based governance, risk management and compliance (GRC) solution. It is suitable for businesses of all sizes in financial services, pharmaceuticals, life sciences, health care, energy, retail and education industries. It offers enterprise risk, regulatory change, policy, incident, audit and case management capabilities within a suite. Primary features of the solution include ongoing compliance management, workflow automation, document management, IT help desk management and change management. LogicGate identifies the regulatory agencies and sources, their impact on business and assesses current policy effectiveness and identify gaps. It then updates the policies, procedures, controls and training and communicates changes to users. It allows companies to remain compliant, increase transparency, assess and modify rules and minimize enterprise risk. The enterprise risk management module allows the users to oversee, identify and assess risks to the business and then enable auditing committees to make relevant decisions. The audit management module helps manage audit and investigation requests internally or from the government. 6
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- Fall '19