I attended the National Society of Compliance Professionals (NSCP) regional conference in Toronto on Monday. (Iceberg is a Gold sponsor of NSCP this year.) Most of the attendees were from the Canadian financial industry and we heard from some excellent guest speakers and presenters on a variety of topics that are top of mind for compliance professionals.
The most interesting to me was a session titled “Preparing for a SEC (Securities Exchange Commission) Compliance Audit”. The SEC is targeting “never-before” examined financial firms, and often organizations are in a scramble to assemble documentation going back two or three years because they don’t have a centralized system or processes for managing this information. My thought was that this is a great example of how critical an automated enterprise-wide GRC solution can be, so that organizations can answer questions and provide information to the SEC (and other regulators) more quickly and efficiently.
- Focus on a developing a robust enterprise risk strategy, and foster a culture that improves transparency and communication between all stakeholders
- Work towards building a centralized and aggregated process for managing compliance and related risk. Getting ahead of the curve would help organizations faced with a regulatory review who are challenged with having readily available data and records.
- Provide more accurate and meaningful risk data,with the emphasis on meaningful. For example, in the area of cybersecurity, a couple of organizations mentioned a potential disconnect between the objectives and activities of IT and trade desks. One of the speakers echoed an approach that Iceberg recommends: cyber risk should be an enterprise-wide concern, not just the IT department. I would extend that one step further: compliance should be an enterprise-wide concern, and you should be able to understand how compliance activities are linked to your overall business objectives.
We’re looking forward to attending the NSCP’s national conference in Washington D.C. from October 16-18 as a Gold Sponsor. See you there!s