The Three Major Reasons for Using Lean BPM for Compliance

JobTraQ Leverages Powerful Lean BPM Functionality to Improve Compliance Effectiveness & Efficiency There are two major challenges facing compliance teams and auditors: establish what happened and put in place controls to prevent bad stuff happening in future. In a nutshell, that sums up compliance at the coal face, and as a former auditor I well remember my supervising partner’s maxim, “Remember, we record history, we don’t make it!” Such is the life of an auditor, but there is a great deal going on behind those simple statements. Establishing what happened involves the who, the where, the when, the how, but... Read More »

Sarbanes-Oxley: Trust is Not a Control

Sarbanes-Oxley (SOX) compliance is onerous, with heavy penalties that include more than large dollar fines, but serious jail time in a Federal “country club” penitentiary and shades of The Shawshank Redemption. Enacted in 2002, we have been living with SOX for over a decade, and companies subject to SOX have been getting better at managing the associated costs which have declined as a percentage of revenue. But, have companies gotten better at actual compliance with SOX? Personally, I don’t think so as what appears to be a pyramid of sub-certifications built on sub-certifications has simply created a compliance house of... Read More »

The Need for Lean BPM in Banking

Delivering True Business Agility is a Strategic Challenge not an IT Problem There are three major drivers for business agility within the banking sector: fierce competition within the sector, constantly changing regulatory and compliance requirements, and finally, customer expectation and buying behavior. While compliance has taken center stage since the Great Recession of 2008, the focus has been moving increasingly to digital transformation, particularly improving Customer Experience (CX). This has led to some banks becoming technology powerhouses first, and banking institutions second, and Capital One is probably the preeminent example of this. Bain & Company published an article back in... Read More »