Thomson Reuters published in March 2012 a white paper titled: Fundamentals of GRC: The connected roles of internal audit and compliance.
The advent of new and pending regulations as a result of Dodd-Frank, the UK Bribery Act, and FCPA enforcement has heightened the need for connected governance, risk and compliance well beyond the internal audit and compliance departments. Executives, corporate boards, risk management and business line managers are all under increased oversight and scrutiny by regulators, shareholders and external auditors. As a result, internal audit and compliance professionals are faced with ever increasing information requests, new compliance requirements, and are under constant pressure to do more with less. Download