Is Your Project Audit-Ready?

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Topics: Business Analysis, Lessons Learned, Requirements Management, Risk Management, Stakeholder Management, Strategy, ProjectsAtWork

Project teams in regulated industries must get compliance requirements right — a company’s reputation and legal standing depend on it. Here are eight best practices to help PMOs, product owners and business analysts to better understand complex regulatory environments, interpret rapidly changing regulations, and develop clear, complete requirements.

As if developing software weren’t enough of a challenge in itself, developers working in regulated environments must also define comprehensive, high-quality software requirements to remain in compliance. If compliance requirements are inadequate, they can derail a project as well as put an organization at legal and financial risk.

Software development teams at companies in regulated industries must develop an understanding of their complex regulatory environments, the skills needed to interpret rapidly changing regulations and the ability to develop clear, complete compliance requirements. Below is a list of eight best practices to reach those goals.

1. Understand Your Regulatory Environment

By getting clarity about the concepts of governance, risk and compliance (GRC) and the relationships between those concepts, product owners and business analysts can get a framework to help identify the right stakeholders and understand relevant business processes. Read up on these capabilities and identify the groups within your…

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