Corporate Compliance Essay Example | Topics and Well Written Essays - 750 words

Corporate Compliance - Essay Example Governance, risk management and compliance were the key elements that needed to be address by the company. Aero energy turned to SAP GRC Access Control and the systems risk analysis and remediation functionality to find the answer they needed (Krell, 2008).This tool has had the specific functionality that allow the company to meet its Sarbanes Oxley needs as well as enhancing the companys risk management capabilities. The solution to a certain extend worked in an automated manner, but it needed a corporate commitment from different people and departments. Three elements that were needed for it to work were: standardizing various business processes, full commitment from the companys executive staff and the participation and monitoring of the finance and IT departments (Krell, 2008). The implementation of the new system met the expectations of the company. It allowed the parent companies to perform joint internal and external audits much faster than before. The entire process was efficient and provided administrative and labor savings because the information was accessible and the raw data was organize in an easy to use manner. The realignment of the organizational structure allowed the desired collaboration to take place at Aera Energy. The move also allowed the firm to address other compliance issues such as segregation of duties. Prior to implementing this solution the company was struggling to deal as subsidiary company with the Sarbanes-Oxley obligation its parent companies request, but after implementing the new system their underlying problems were resolved. The Arkansas Foundation for Medical Care (AFMC) is an organization that has been in business for over 30 years. The company is responsible for performing peer review and quality improvements for Medicare. Ironically a company dedicated to providing advice to others had forgotten about how to improve its own