In December 2020, Nimonik conducted a survey of 79 risk and compliance professionals about their management of internal obligations at their respective organizations. The results demonstrated that the management of Internal Obligations still has a long way to go even at some of the world’s most well run and established firms. For the purpose of the survey, we defined Internal Obligations as:
Internal Obligations are obligations that your organization has imposed on itself voluntarily or through an agreement with a third party. In contrast to External Obligations which are imposed by a third party (i.e. Government), Internal Obligations are generated through the activities you engage in. Examples include corporate policies, environmental permits, contracts, stakeholder engagements and other agreements you have chosen to adopt.
The three main points from the respondents were as follows:
Organizations are struggling to manage and communicate their Internal Obligations
Numerous respondents reported they they lacked resources and tools to manage their Internal Obligations at their organization. They also highlighted the challenge in getting management buy-in for investment, and in communicating obligations throughout their organizations. None of this is surprising, but it does reinforce that this remains a weak spot in many compliance programs. 55% of respondents indicated they are still using a word, excel, and documents to manage Internal Obligations – this is obviously a big problem as it is simply not possible to manage thousands of evolving requirements in documents spread out throughout an organization.
50% of organizations plan to improve their Internal Obligations program this year
The majority of survey respondents indicated they would be working to improve their Internal Obligations management this year (2021). We hope that comes to fruition and that they will execute on this plan. To help companies improve their obligations management, Nimonik is offering a free webinar on January 20th and then a series of workshops as part of a challenge on Internal Obligations Management.
Webinar and Challenge: Internal Obligations Management Best Practices
Join Nimonik for a Best Practices Webinar on Internal Obligations Management. This best practices overview will also mark the launch of the 40-Day Nimonik Comprehensive Internal Obligations Management Challenge for those who wish to continue with the program. During the challenge there will be guided weekly assignments such as cleaning up your obligations register, adding meta-data and identifying accountability within your organization. Nimonik will be there to support you on this journey with expert discussions every week and tools to help you organize your internal obligations management for 2021 and beyond.
January 20th, 10 AM EST