How Compliant is Your HR Function? Part 1
By HCM-Oracle on Mar 24, 2014
By Alka Asthana
In the initial days of GRC, while we all realized “Compliance” was important, the list of benefits it resulted in, seemed rather intangible; it wasn’t the eye-catching, mind-blowing entries we had come to expect from everything.
Being compliant gave your organization flexibility, agility, reduction in fines … and so on and so forth.
However, the results of non-compliance loomed larger - other than the financial burden it imposed, non-compliance could affect the very reputation of your company.
When you need to state the negatives in order to show the benefits – our mind gives up.
Stop, scaring me – it says! But scare it did, and that seemed to push us into action.
With time the art of compliance grew on us.
In a recent research conducted by Ernst & Young, the top finding was that organizations with greater risk management maturity — that is to say, those that do focus on strategic risks and have integrated their various risk management activities—outperform their peers financially.
Now- this is the eye-catching, mind-blowing entry that we needed!
The positive-spin that our mind grasps easily!
So, how mature is your risk management from an HR perspective and how do you get there?
To ensure compliance we cannot do without
- Risk Assessment
- Governance & Oversight
- Documentation etc.
We’ll examine these components … but that’s a topic for another day!
Alka Asthana is an HCM Strategist at Oracle and simply loves to dream, strategize, and create technology products - be it an Enterprise class ... or an idea taking shape and getting delivered off one's garage. Follow her on Twitter @AlkaAsthana