The 404 Institute’s third annual Benchmark Study found that companies with low compliance costs and more effective outcomes reported a:
Higher degree of centralized transaction processing and control.
Higher percentage of automated vs. manual controls, as well as preventive vs. detective controls.
A greater reliance on company-level controls.
The study found that companies that made compliance part of employees’ everyday work benefited from:
The use of fewer full-time resources , with more individuals dedicating less time to compliance.
A broad view of risk , relying more heavily on corporate governance and transactional volume than on factors such as the dollar value of accounts.
Substantive interaction with business owners , by involving compliance teams in the design stage of process changes rather than notifying them after changes have been made.
Strategic use of internal audit , focusing less on direct testing and more on self-assessment, strategic testing and reviewing changes.
Source: The 404 Institute’s “Lessons Learned From Compliance Efforts,” Benchmark Study , 2007, www.404institute.com.