Welcome to the decade of un-funded regulatory compliance mandates. Since the accounting scandals of Enron and WorldCom were made public and global responses from governing bodies have responded with burdensome and costly enterprise control requirements, firms have been struggling to determine the appropriate model for corporate governance. Specifically, firms have been considering the increased costs of demonstrating compliance to their auditors and regulatory agencies.
BPM technologies can provide an effective solution to the financial reporting and control dimensions for regulatory compliance. Specifically, these tools offer an auditable and controlled environment for many firms that are still dealing with legacy systems, offline spreadsheets, and loosely-integrated applications.
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