Frequently Asked Questions

What is corporate governance?

Corporate Governance has been defined as the mechanism involved in directing and overseeing company management, including process, structure, and related information. Governance also encompasses the means by which members of the board of directors and senior management are held accountable for their actions and for implementing the oversight functions and processes.

CRSTL Solutions helps companies ensure compliance with corporate governance policies and directives by distilling these requirements into a series of easy-to-read summaries and action-items that the company must take in order to satisfy these requirements. CRSTL’s technology solution provides the framework and validation for the oversight function.

What is enterprise risk management?

Enterprise risk management deals with the risks and opportunities that affect value creation. In short, it involves the development of a risk management system that is designed to identify potential events which could adversely affect the organization, and to devise enterprise-wide risk management strategies that provide reasonable assurance that the organization’s objectives can be achieved in spite of these risks. A comprehensive risk management strategy requires an organization to assess and develop controls, exploits, financial checks and balances, and monitoring systems across all sectors of the organization for the purpose of increasing the organization's short- and long-term value.

CRSTL Solutions offers full consulting services in association with its partners to assist companies in implementing effective, comprehensive risk management processes. CRSTL can provide your organization with experts with over twenty years of industry experience, who can help your organization identify, draft, and implement enterprise-wide risk management strategies and controls and the technology solutions that will best meet your company’s objectives.

What is Governance, Risk Management and Compliance (GRC)?

Governance, Risk Management and Compliance (“GRC”) are the principle drivers of organizational compliance, accountability and transparency. Companies must be able to update internal policies and procedures as changes in regulation or governance practices occur. Failure to do so exposes the company to investigations, fines, reputational risk and possible lawsuits. Other significant costs include the cost of investigations and professional services. This can have a direct negative impact to revenues and profitability. Companies that have effective processes in place to address changing regulations and the consequent risk to their business operations are at a competitive advantage.

Recent emphasis on risk and compliance practices coupled with developments in the IT arena have resulted in more effective GRC solutions that lower the overall cost of compliance within the organization. Traditional GRC practices left management struggling to meet the increasing expectations of stakeholders and regulators. They were faced with consolidating their compliance and risk procedures across organizational silos in a manner that allows them to share information, cut costs, and provide greater transparency. Implementation of a successful GRC framework requires blending the technical legal requirements, policy and control features, and operational constraints of a corporate governance framework with an IT platform. Only in this manner can management ensure both the substantive and deployment needs of GRC are supported. Organizations that already have self-administered corporate governance systems in place often find they are unable to keep abreast with the rapidly changing regulatory environment, the administrative disruptions that come with revolving personnel, or the resources required to ensure an accurate institutional record.

What is compliance management?

Legislative Compliance Management (LCM) is the set of key controls through which an organization manages legal and regulatory risk and ensures compliance with its internal policies and procedures. An effective CM process will provide the means by which the company satisfies itself that it is in compliance with laws and regulations affecting its business in all jurisdictions where it is operating. Failure to have an effective compliance management system may result in regulatory sanctions, expensive investigations, fine and penalties and damage to the company’s reputation and standing in the community.

Traditionally, companies have relied on law firms or corporate attorneys to advise them of changes to the rules and regulations and interpret these in relation to the company’s businesses. This is an expensive and inefficient way to address regulatory change.

Companies are also subject to internal codes of conduct, policies and procedures. As the laws or governance principles change, or as businesses are acquired or divested or new lines of business or marketing methodologies are adopted, these internal policies must be updated.

CRSTL Solutions assists companies in satisfying these needs by providing them with a CM system that updates all relevant corporate governance, legislative, and regulatory requirements on a consistent basis. These obligations are distilled into a series of easy-to-read summaries and action-items that the company must take in order to satisfy legal requirements, and are deployed through an easy-to-use software platform that allows continuous monitoring, updating, and record-keeping. CRSTL’s appraisal of the regulatory environment and its easy-to-use facilitation of deployment and administration ensures that your organization effectively satisfies its compliance management mandate and at the lowest possible cost. CRSTL’s workflow technology application is perfectly suited for attestation requirements and the distribution and sign off on all company policies, procedures and mandates. CRSTL’s unique platform provides the training and tools your employees need to ensure that they are aware of and in compliance with all company requirements.

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