Prediction No. 10: Continuous Controls, The Intersection of BPM, ECM And Event Monitoring
This final prediction for 2006 is a look at where the rubber will meet the road in the journey toward a sustainable, automated compliance architecture. Your goal is to create an environment of continuous controls, but what exactly is that? Continuous controls are something that analysts, consultants and auditors stress but, somehow, only vaguely describe. It will be your number one priority for compliance management but there is no silver bullet technology that gets you there.
There are no pre
Prediction No. 9: The Watchword in 2006 Will Be Sustainability
Every organization subject to regulatory compliance needs it; every vendor of compliance tools promises it; so achieving it is a piece of cake, right?
Unfortunately, when the "it" in question is a sustainable, automated compliance management framework, its existence has been a bit hit and miss. The main problem with a promise like sustainability is that it means something different to nearly all organizations, not to mention nearly all vendors of IT products and services.
Prediction No. 8: SMBs Forced To Wear Their Compliance Hats
With most of the regulatory focus up to this point on larger public companies, financial institutions and healthcare providers, it wasn't until the last half of 2005 that we started to see a concerted effort on the part of technology vendors to scale down compliance-related systems and tools for small- and medium-sized businesses (SMBs).
It was only a matter of time; the SMB market is huge, hot and underserved, especially when it comes to compliance. Vendors focused first on the low hanging fru
Prediction No. 7: SOX Still Takes The Blame
The laws of physics still apply to compliance spending. In my second prediction in this series on the expected reduction in manpower costs associated with SOX compliance, I said that the funds spent in 2005 to automate SOX compliance processes would pay-off with a nice reduction in manpower costs.
But for every action there is s separate but equal rea
Prediction No. 6: The IT Hand-Off Brings Focus On Cost
I've already discussed in an earlier prediction the biggest and most annoying cost of compliance; the manpower dedicated to manual compliance processes, including human auditors. But there's more to consider than people costs. Some companies have used Sarbanes-Oxley as an excuse to re-examine their core business processes for ways to drive out cost.
In fact, cost reduction and return on investment will be the focus of SOX compliance activity in 2006. Why? Because it's time to complete the hand-
Prediction No.5: New Content To Manage
Remember your first reaction when you found out you had to manage content like e-mail and instant messages as part of the business record for compliance regulations like Sarbanes-Oxley. Remember the collective "Oh Brother" you heard from your department. Well repeat after me . . . "Oh Brother" because its happening again.
With the growing popularity of blogs in the enterprise and the use of wikis in corporate settings, these outlets are being recognized to contain potential material information
Prediction No. 4: A Central Theme
After going out on a limb for my third prediction for the new year, I'll make another semi-safe forecast this time around. What compliance management, disaster recovery, and general process optimization has shown us in 2005 is that some data is just better off centralized.
At the very least, the views to data need to be centralized, but companies found this year that managing for Section 404 of SOX, or ge
Prediction No. 3: Lockdown On Customer Data
This one might put me out on a limb, but I'm going to say that in 2006 we will see a marked reduction in customer data theft cases. Why, because it's on everyone's radar.
Today, close to half the states have enacted data privacy laws modeled after California's SB-1386, requiring companies to out themselves when a breach occurs. And late last month, the Senate approved the Personal Data Privacy and Security Act