Manufacturers Adopting Governance Programs to Lower Costs & Reduce Risk
The business environment for manufacturers continues to evolve. As a result, manufacturers are struggling to balance flexibility and agility with managing risks that comes with distributed global customers, business partners, and the supply chain. Today, increasing regulations further complicate the balance between business agility and business risk.
Competitive and budget pressures often force manufacturers to move facilities to more cost-effective locations. Acquisitions, divestitures, corporate re-organizations and changing technology are common and complicate risk management and compliance even further, driving up costs and increasing the risk that something will be missed.
While Sarbanes-Oxley compliance is a requirement for large multi-national firms, it is only one part of Governance, Risk and Compliance. Most manufacturing organizations must actively manage the risk of loss due to fraud, natural disaster, inventory obsolescence, technology failures, employee and shareholder lawsuits, product liability, and fines for regulatory non-compliance. Few organizations can effectively integrate these diverse projects into a comprehensive corporate governance program.
Effectively Manage Risk Without Disrupting Business
To help address the needs of manufacturers, Vital Insight has developed a powerful platform that can support the industry’s ever-changing challenges. Our Governance Insight™ platform combines elements of risk and compliance programs within a single, centralized system.
With just a few mouse clicks, users at all levels of the organization can access and analyze information about processes, controls, risks, policies, and key metrics. Companies easily can track and manage compliance with multiple governance requirements across various business units, locations, and product lines, all in one system.
Our interactive dashboards and analytics provide executives, project managers, and process owners with the ability to quickly understand and correct project delays, missed control assignments, or unresolved control deficiencies. More importantly, process and control information is available to support other key initiatives beyond compliance such as internal audit, ISO certification, and performance management.
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