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Compliance Control Normalization Technique (CoCoNoT)

IP.com Disclosure Number: IPCOM000241025D
Publication Date: 2015-Mar-20

Publishing Venue

The IP.com Prior Art Database

Abstract

Every company, regardless of the industry it is operating in, has numerous regulations (external and internal), standards, and formal guidelines that the company has to comply with. Professionals responsible for maintaining compliance are expected to understand, apply and keep up with these dynamically changing regulations. There are several approaches existing with the intention to enforce compliance. Most of these depend on checklists and regular audits. These available solutions increase compliance posture in an organization, but also faces multiple challenges, like maintenance of checklists or transparency. The Framework described below addresses those challenges and by providing a sustainable solution that a Company can use to successfully manage, control and constantly improve its compliance posture by introducing various components, each responsible for a specific aspect of the Compliance Management. These components are as follows: · Knowledge Base: Create, constantly renew and maintain a Knowledge Base, via social collaboration, which focuses on simplification and practical translation of Corporate Instructions, based on experience and best practices. · Analysis Tool: Establish an online tool that not only enables Asset Owners to assess compliance posture of their owned Assets in a heavily customizable, but still centrally managed way, but also guides them to the resolution of addressed gaps utilizing the Knowledge Base component. · Dashboard: Report and visualize aggregated compliance values obtained from the Analysis Tool, on multiple management levels, in a centrally available online tool, that is capable of displaying information in a user friendly way, enabling a constant management awareness and control over the corporate compliance roadmap execution. · Socialize: Connect all the above listed components via utilizing the power of contemporary social media solutions, enabling interactivity and processing of feedback. This results in a reactive and constantly evolving compliance management system. · Instruct: Provide a detailed, step by step manual of how such management system should be defined, established, maintained and supported. Explain utilization scenarios and internal operation of the Framework. Define the structure, roles, workflows and regulations of every component and of the whole Framework in general.

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Compliance Control Normalization Technique (

There are a very large number of formal Corporate Instructions, standards and guidelines that a Company needs to comply with. Professionals responsible for maintaining compliance are expected to understand, apply and keep up with these dynamically changing regulations. There are several approaches existing with the intention to enforce compliance. Most of these depend on checklists and regular audits. These available solutions increase compliance posture in an organization, but these face some or all of the following significant challenges:


· Maintenance: As the checklist questions are not managed centrally, the

relevance and quality of the used control questions are various and constantly decaying.


· Support: There is a lack of guidance available translating the usually very complex Corporate Instructions to specific, meaningful and understandable instructions to identify and implement applicable requirements and to address compliance gaps discovered. The available materials are usually very high level, not user friendly and can be interpreted in multiple ways.


· Transparency: Usually company-wide status of compliance is not visible. Compliance status of specific areas might become accessible to management only via audit engagements. Trends between audits are not observable.

The main idea of this invention is to create an overall management system (Framework) that addresses the above listed challenges. This Framework has multiple components, and the harmonized executions of these components provide a sustainable solution that a Company can use to successfully manage, control and constantly improve its compliance posture.

The main concepts of the Framework are as follows:


· Knowledge Base: Create, constantly renew and maintain a Knowledge Base, via social collaboration, which focuses on simplification and practical translation of Corporate Instructions, based on experience and best practices.


· Analysis Tool: Establish an online tool that not only enables Asset Owners to assess compliance posture of their owned Assets in a heavily customizable, but still centrally managed way, but also guides them to the resolution of addressed gaps utilizing the Knowledge Base component.


· Dashboard: Report and visualize aggregated compliance values obtained from the Analysis Tool, on multiple management levels, in a centrally available online tool, that is capable of displaying information in a user friendly way, enabling a constant management awareness and control over the corporate compliance

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((CoCoNoT

CoCoNoT)



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roadmap execution.


· Socialize: Connect all the above listed components via utilizing the power of contemporary social media solutions, enabling interactivity and processing of feedback. This results in a reactive and constantly evolving compliance management system.


· Instruct: Provide a detailed, step by step manual of how such management system should be defined,...