Traditional and modern control reporting solutions to build trust with stakeholders – All Eyes on Trust
Got lost in the wide variety of control reporting standards?
How to leverage the HITRUST framework to control patient information?
In an environment where organisations rely on a complex network of third parties and their subcontractors, increased regulatory scrutiny, data privacy expectations and an overall demand for greater transparency are driving the need for assurance beyond ‘just’ traditional reporting on financial controls.
Transparency can provide organisations with the trust they are looking for in this complex web of third parties, subcontractors or fourth parties and their end consumers. As a result, delivering such transparency can translate into a significant competitive advantage in terms of being aware of and responding to process and control weaknesses and improving overall operating efficiency, and it can create an opportunity to reduce costs by avoiding the duplication of operational and compliance efforts.
An increased demand for trust is highlighting the significance of having robust and reportable governance, risk, compliance, operational and IT controls in place.