Solutions / Regulatory Compliance
Follow the Rules.
Corticon Business Rules Management and Compliance: Model, Automate and Audit the Policies that Govern your Business.
In a world of increasing internal and external scrutiny, compliance is an acute concern for all organizations. At the same time, compliance must be balanced with other business demands, such as growing revenue or managing operational costs. This creates a delicate balance. Ensuring compliance is a costly, time-intensive process. But, not ensuring compliance is a recipe for disaster.
Compliance means enforcing policy across business transactions, and proving it. Policy is specified as a set of business rules, which can come from regulatory bodies (e.g. Sarbanes-Oxley, Basel II, HIPPA); trading partners (e.g. service level agreements); or internal controls (e.g. expense reimbursement policy). Enforcement of policy occurs at various control points of the business.
Consider, for example, a revenue recognition policy defined by the American Institute of Certified Public Accounts, which specifies rules such as:
- To recognize an order as revenue, all of the following are required: (1) delivery must have occurred; (2) collectability must be probable...
- "Delivery must have occurred" means that product was received by customer on or before the last business day of the quarter.
Rules such as these must be enforced across several business control points. For example, one control point occurs when auditors review financial statements at the end of a quarter. In a more mature organization, another control point may occur before marketing passes a lead to sales, checking a prospect’s financial standing to ensure that collection is likely to occur.
Of course, the more control points you have in a process, the more compliant you will be. But each control point incurs additional cost and slows down the process. How can you ensure compliance while also controlling costs? The answer is a simple, yet elegant solution: Corticon Business Rules Management.
Corticon Business Rules Management: A Powerful Solution for Compliance
Corticon is a powerful solution that will help you model, automate and audit the policies that govern your business. Corticon Business Rules Management enables you to manage your policies as executable models, defined and controlled through a business-friendly desktop, and automatically enforced across enterprise systems.
For example, with Corticon, anyone who can use Microsoft Excel® can model your revenue recognition policy. Corticon’s patent-pending technology then takes over and identifies where holes exist in the policy and where policy definition is ambiguous. Once your policy is modeled and corrected by the Corticon system, it is automatically converted into a standards-based software asset, which can be used to automatically enforce the policy where and when needed.
When used to automate policy enforcement, Corticon Business Rules Management provides a complete audit trail, which provides clear traceability back to policy definition. This saves enormous legal and accounting costs should an audit ever be required.
Because Corticon Business Rules Management automates compliance without latency, processes are transformed. Problems historically found in downstream control points can be discovered at the beginning of the process, preventing errors before they occur. This both reduces the risks of non-compliance and improves the quality of business transactions.
The Rewards of Corticon Business Rules Management
Compliance is not just about reducing risk. Automating control points with Corticon Business Rules Management will:
- Improve the reliability and consistency of corporate processes and procedures,
- Reduce operational costs by automating steps in any business process,
- Deliver increased business agility as core organizational policies can be changed and tested by the business without long IT development cycles.
Click here if you would like a demonstration on how Corticon Business Rules Management can reduce your compliance costs by over 50%, or contact a Corticon Solution Consultant at +1 888.619.2424 or email us at info@corticon.com.