Like it or not, Sarbanes-Oxley is here to stay and greater scrutiny means that demands for transparency and appropriate corporate governance are only going to increase. It was tough enough when companies had to produce better results every quarter – now they have to show us how they do it. And that can only mean one thing: costs will increase.The trick is working out how to do it across the different parts of the organisation that don't necessarily talk to each other. In my conversations with execs and managers, I am constantly told that risk and compliance projects are being done in such a fragmented way that no-one has a clue how much money the organisation is spending. They are spending millions of dollars with not much to show for it!!! One interesting approach would be to develop a scorecard for compliance that allows them to track what they are doing. This is based on the famous Balanced Scorecard model developed by Robert Kaplan and David Norton. The power of the scorecard is that it allows us to link internal processes and external outcomes to strategy and results. In other words, what are we about, what's our competitive advantage and how do we know it works? To find out more about Balanced Scorecards, check here.
no comment untill now