One of the reasons for moving from knowledge management to compliance was the overlap in concepts and some issues. Sumner Blount summarized a lunch talk from Scott Mitchell of OCEG discussing the need for a unified approach to managing risk and compliance:
1. The high cost of information silos – siloed approaches to risk and compliance result in redundant activities and high total compliance costs.
2. The high costs of poor information quality – the lack of a “single source of truth” for risk and compliance information can reduce the effectiveness and quality of decision-making.
3. The high costs of getting it wrong – an ineffective risk and compliance program can, and does, result in loss of corporate reputation, increased business interruption, and reduced employee productivity.
Any of that sound familiar?
Originally posted on KM Space.