In a recent conversation with TechTarget, analyst Chris McClean told the source that company governance and compliance teams can learn from the way CFOs handle companies' financial situations when deciding their own strategies. He emphasized that having a reach that extends throughout a company is an important step for strong compliance.
"You shouldn't be siloed into one centralized function that doesn't operate with the rest of the business," said McClean. "You want that high level of visibility; you want a lot of people to be involved - and that's how the CFO runs the organization."Data quality
is a critical consideration when sharing risk and compliance data throughout a company. Making sure information from disparate sources is vetted and internally consistent can be extremely important. Data quality tools can help make the difference between highly useful data sets and confusing figures.
According to Dark Reading, there are several critical mistakes that companies tend to make when pursuing their governance and compliance strategies. The source stated that firms sometimes purchase problematic legacy systems for compliance reasons and end up stuck with inefficient processes. The source also encouraged firms to take advantage of automation and not assume that good compliance projects must be maintained manually.