Chapter 8: Building Consensus
The Business Case
This chapter delves into the pivotal process of gaining organizational agreement and crafting a compelling business case for your chosen compliance screening system. Outline strategies to unite various departments around common goals, address concerns, and articulate the system's value. We’ll focus on building a coherent narrative demonstrating system alignment and furthering the organization's overarching objectives to make a strong case for the investment.
Consensus Building
Achieving consensus can be challenging, especially in large organizations. Facilitate open discussions, workshops, or demonstrations to evaluate the system's benefits and limitations collectively. Highlight how the system meets various departmental objectives. Use your checklist as a discussion tool to visualize each option's strengths and weaknesses and facilitate an informed decision-making process.
Addressing Concerns and Objectives
Understand and address any concerns stakeholders raise. Align the system's capabilities with your organization's broader objectives, like regulatory compliance, operational efficiency, or risk management.
Detailed Cost-Benefit Analysis
Long-Term Savings: Evaluate how the system can reduce operational costs over time. For instance, a system that significantly reduces false positives and streamlines your compliance process enables an organization to capture significant savings on manual compliance reviews can save hours of manual review.
Risk Mitigation: Assess how the system helps avoid regulatory fines and reputational damage.
ROI Calculation: Calculate the return on investment by considering tangible and intangible benefits, such as improved efficiency and compliance assurance.
Test your data with Castellum.AI
Determine likely reduction in alerts
Calculate internal cost per alert
ROI = alert reduction * cost to clear each alert
ROI Calculation Example
You have 1,000,000 alerts annually, and the average cost of clearing each alert is $5; you’re spending $5M annually to clear alerts.
With Castellum.AI, you can maintain compliance while reducing alert workload by 80% or more.
Before Castellum.AI: 1,000,000 * $5 = $5M annual cost to clear alerts
After: 1,000,000 * (.2 [80% reduction]) * $5 = $1M annual cost to clear alerts
Total Savings: $4M annually
Justifying the Investment
🔐 Building a Business Case: Present a compelling business case to decision-makers, highlighting the system’s benefits in compliance, efficiency, and risk management.
💸 Addressing Cost Concerns: Clearly explain how the system's cost is justified by its value, using real-world examples or case studies.
This is a lot to remember, but we’ve got you covered. Download our screening system buyer’s checklist to keep track of it all when you’re assessing vendors.
