Maintaining compliance is a large challenge for businesses engaged in global trade. Trade agreements and associated items such as tariffs, customs licensing, and port duties can change with little notice. To tackle the challenge of compliance management, you must clearly understand your business processes and correctly evaluate all of the ERP functions you’ll need. That includes relevant trade regulations. The idea is to use a compliance software to close gaps within your business processes.
Businesses with a global presence need near-real-time response to domestic and international trade changes. That makes automation a must-have for an accurate and uptodate snapshot of your business. Utilizing an ERP system with compliance capabilities is the direction to go. SAP provides their ERP systems with seamless connectivity to their compliance module, SAP Global trade Services (SAP-GTS). Many of the manual compliance processes can be automated and streamlined when using SAP-GTS. . It frees staff to focus on business relationships and real and complex compliance issues, while vastly reducing the risks of human error or exposure to non-compliance. This goes for local compliance too, but how can you accomplish this decisively without using multiple software platforms. Let’s take a look.
Advanced GRC Functions for Compliance Management
The GRC system is component-based. You get the flexibility of using it either as a stand-alone system or as part of an SAP GTS integration. Before you move forward. You need a solid assessment of what function each GRC component has to offer. Each one addresses very specific aspects of compliance, which can be adapted as your business needs change. This is where engaging an expert can help guide you toward exactly what you need—and no more.
Which GRC Functions Do You Need?
Implementing GRC means that you will be eliminating manual processes for tracking, such as spreadsheets and email chains. These methods lack audit controls and reporting, which are a requirement to achieve full regulatory compliance. Real-time reporting and audit alerts present opportunities to have non-compliant items identified and resolved in near-immediate fashion.
Always ask: Where are we going and what do we want to do next? Your partner must ask the same questions, since your organization’s results depend on the answers. Having this deep understanding of how business processes run is critical to a successful GRC project.
- BRM (Business Rule Management). Externalizing business rules allows for increased flexibility across multiple sites, giving those with locations across the globe a distinct advantage. Policy enforcement is transparent, which practically eliminates compliance surprises. With this component in place, you can build stronger, compliant business relationships with your trading partners.
- Access Control. This function automates user management and access processes while creating a detailed audit trail. The ease of monitoring for SoD violations works to deepen your overall organizational access risk management protocols.
- Access Risk Management. This component helps create a consistent level of risk management throughout the enterprise. This gives you easy, automated risk identification and assessment protocols, matching risk events with potential outcomes—so you’ll have remediation strategies ready when needed.
- GRC Process Control. This is a key function with the biggest impact on your business processes. With this component in place you gain internal control management functionality, which includes a high level of real-time process management. Reining in of manual processes with this component allows for systemic consolidation of procedures. Newly-automated processes will also increasing employee efficiencies, since they’ll have more time to focus on their core responsibilities.. In-depth reporting and concise analysis will help your risk reduction efforts.
Having another set of eyes on your project guards against delays, cost overruns, and mistakes. In the end, you want to have the solution you need without any rework. That means an experienced compliance management implementation partner.
Innovative Solutions Help Maximize GRC Benefits
When the decision is made to engage in an effort to maximize the full benefits of SAP GRC, you need an innovative partner on your team. A valued partner will ensure that you see real efficiency gains over the long-term. Auditing will be configured to generate real-time alerting to problems for quick remediation, while improved license management provides streamlined cost management. Your implementation partner can help you decide if tools should be integrated on a site-by-site basis, or implemented on a global scale. An experienced partner will customize your SAP GRC solution for your business processes and industry requirements.