For Immediate Release
New Enterprise GRC Solution Streamlines Dodd-Frank Act into Existing Compliance Frameworks
March 15, 2011 | Reston, Virginia – Consult2Comply, a premier regulatory compliance infrastructure management service provider, announced today that The Dodd Frank Act is now available as a standard for mapping in their compliance solution, Compliance Mapper™
For financial as well as nonfinancial businesses it will not be business as usual under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank, or ‘the Act’). Not only will local and national businesses be effected by this new law, international enterprises will be too as our administration strongly urges them to comply. Over 2000 pages of information are presented in this new piece of legislation, making the potential impact on a corporation very hard to understand and apply. And to add to the frustration, many of the reforms and implementation issues are still unclear. Regardless of what still remains to be defined and worked out, this new regulation mean significant changes must be made in the entire business structure. Across the organization this includes corporate governance, operations, IT systems, internal control frameworks, risk management, tax planning, regulatory and public disclosures, ethics, legal and compliance…and the list goes on and on.
Steve Crutchley, CEO of Consult 2Comply, asks some logical questions and answers them with information about his solutions; “How does an enterprise determine where they stand in relation to this new act? How will these companies connect the dots from this newly mandated regulation to their own policies and procedures? How does a company incorporate this new act into their compliance strategy and sustain compliance across other multiple standards and regulations that already exist in their current compliance framework?” Daunting to say the least, and many companies face the overwhelming task of implementing and managing these challenges.
Mr. Crutchley says “Companies must prepare for the imminent changes and accompanying audits by conducting thorough compliance and risk management program reviews to make sure that they'll meet these new requirements” He also adds that “technology is imperative! ”. He went on to say “By technology I mean automated solutions. Without these, the time it will take to determine and validate their compliance profile will take forever and by then, they’ll be in the weeds”.
The significant changes to the authority of the Federal Reserve and the Securities and Exchange Commission along with enhanced power from oversight and regulation of banks and non-bank financial institutions suggests that companies need to be more accountable and transparent than ever and they need to do it quickly. Mr. Crutchley states that “Applying and implementing the new Dodd-Frank Act into your existing compliance framework doesn’t have to be overwhelming, expensive or time consuming. We’ve just created a solution that streamlines the entire process of mapping this new act to all of your other compliance mandates and efforts. Compliance Mapper’s features provide a complete compliance profile, help identify areas of concern, and show you where changes can impact other standards, regulations and best practices (relationships) before the changes are implemented”.
The new rules of this act, even though not yet in final form, should be addressed immediately because how capital is allocated across the enterprise and how compliance is managed will be impacted dramatically. Because the economy will remain fragile, and credit risk significant, future developments won’t wait for the Act to take full effect. Remember, the federal regulators now have the power to implement the new obligations and duties contemplated by this new reform. For more information on how Consult2comply can help your company evaluate the impact of Dodd-Frank on your existing compliance framework visit www.consult2comply.com.