Demands for today’s business are high and increasing. Our customers expect that business in minimum is ethical, sustainable, treat their information duly and securely, provide high quality services and products that can be traced from farms to the plate on dinner table or from mines to our electronic devices.
Consumers expect more, society expects more, our living environment demands much better. Our customers know this well and do their best to deliver up to these increasingly demanding expectations. All around the world, from the beginning of their supply chain to footprint they leave in the environment.
The increasing expectations are getting reflected and implemented through more and more pervasive regulator, quality and sustainability requirements that needs to be put in practice. To comply, businesses must demonstrate the compliance and be more and more transparent.
Compliance, quality and sustainability requirements are very demanding to meet. Especially international, well-established business has typically many products, jurisdictions, different business units and a broad variety of legacy systems.
Compliance has typically been a back-office function, as well as quality and risk management. Sustainability matters are increasing fast in its criticality.
Today, management is responsible for making things right and bear the responsibility that high standards for ethics, quality and sustainability are met. That is not anymore something that can be managed in the back office – it is a critical, paramount aspect of any responsible business today.
It is not difficult to imagine the goal – do things right throughout, do that effectively, can demonstrate that too at any moment and improve its performance from day to day.
Regulatory requirements applying to a variety of businesses are increasing, in addition to contractual requirements enforcing industry standards. Penalties for non-compliance are getting higher increasing regulatory risks. Violations are often accompanied with severe PR risks in addition to damages.
Sustainability like environmental matters will have a huge impact on financing of businesses and investments. New requirements for transparency are deeply penetrating every aspects of businesses including their supply chains.
NordCheck proposes adopting holistic view to compliance, quality and sustainability – providing effective means to define and implement compliance strategy, integrate risk management to processes and existing systems, put meaningful controls in place, improve transparency and reporting.
Key aspect is to let valuable professionals to focus on their subject matter effectively and reduce time consuming, routine, manual work. NordCheck approach and solution help them take a leap up in meaningfulness and effectiveness of their work.
Compliance construes of a number of layers and views. Risk analysis, assessments, different internal and external functions, incident management, reporting and implementation of new requirements, inter alia. It is difficult, even impossible to have well-designed, effective approach to compliance through implementing one requirement after another as it piles up point solutions and fragments the work.
Today, compliance requires more strategic, comprehensive approach than adopted so far. Compliance is a matter at C-level due to risks, costs and strategic importance of compliance and sustainability requirements that cannot be ignored.
Important parts of holistic compliance are regulations management, 3rd party and contract management, quality management, incident management and integrated risk management. key aspect is to bring, concerning larger enterprises and financial institutions, different defense lines on the same platform. This provides a dramatic improvement in efficiency and impact, transforming also internal audit from retrospective operational model to dynamic, well-integrated part of daily business.
For surviving and meeting today´s needs of being compliant companies need to compliance-secure all their key business processes and secure all the compliance elements of the processes for securing their business compliancy.
NordCheck helps customers for mapping the key business processes, helps for defining the key measurable control points and letting the corporate directors to manage and control the business processes along the key compliance factors.
Managing compliance equals to managing information. Regardless of needs to report of what has happened or why the situation occurred is to be able to find and utilize the relevant information as soon as possible. For advanced attitude and awareness corporates are able to control and manage also the company reputation and image.
NordCheck provides approach for implementing holistic compliance. It covers step-by-step, modular roadmap and means to get a proper grip and control on compliance matters. The solution utilizes state-of-art platform that can effectively implement best practices while being able to adapt to local and organizational needs in a flexible manner.
NordCheck strongly prefers leading on best practices and supporting effective adoption of standards. The new obligation management solutions provide powerful tools to enforce and demonstrate the compliance with new requirements enterprise wide.