Interview here with Amit Chatterjee from SAP about why we bought Virsa and some of our ideas on compliance etc. It puts a lot of what I have been on about on my blog into a clear context.
I especially like this quote:
The small example here is Basel II. … Simply put, it’s not about compliance. … [Really] it’s allowed banks to lower their capital reserves. … If they follow certain processes, they can decrease the amount they need to keep in their capital reserves, and that saves money.
So [regulations] aren’t just annoyances that you have to keep up with. These are massive strategic weapons you want to deploy because they make your business run more efficiently. … You’ll see more of that: the “let’s try to turn the business around and make all these regulations about revenue-generation and margin” improvements
Our strategy for Governance Risk and Compliance is so much bigger than SOX.
At the next financials best practice meeting we will have a focus track on Risk and Compliance. It will be interesting to hear more about what European customers are doing in the real world.