White Papers for Basel II Capital Accord (Basel II)

Trust and Competitive Advantage:An Integrated Approach

SAP

BURNED BY ENRONESQUE ACCOUNTING scandals, investors and governments are imposing rigorous
reporting requirements to keep companies on the straight and narrow. These reactions are a symptom of a fundamental force in the economy: a crisis of trust among stakeholders of corporations. Stakeholders are not only a company’s shareholders, but also customers, employees, business partners and communities, and in recent years their trust has been profoundly shaken. Naturally, they are now trying to protect themselves, often via legislation.But companies that scramble reactively to implement one-off responses to each new set of compliance regulations won’t rebuild stakeholder trust—they’ll just spend a lot of money on shortsighted solutions. Companies committed to gaining stakeholder trust, as well as better planning and decision making are, instead, taking an integrated approach to the related issues of governance, risk management, and compliance (GRC). The approachcomprises of people, processes, corporate culture, and
especially systems. Technology provides affordable mechanisms for information sharing that can scale
globally. Automation not only reduces expensive “human middleware” but also offers entirely new collaborative and analytical possibilities.

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