Compliance management is more than simply implementing initiatives to meet regulatory requirements. For organizations to be strategic and implement effective compliance management, they must not only monitor and manage risk, but also drive business growth and create a culture of compliance for the workforce.
The Challenge? Compliance can be expensive, so how do you justify the cost?
In addition to ensuring your regulatory requirements, the compliance activities and risk monitoring that effective compliance management provides will result in valuable data which your organization can leverage to drive profitable growth within your workforce.
As compliance burdens and costs increase, this data helps your business not only comply with regulations, but also create and maintain a competitive advantage.
Of course, if your Compliance Officers are so busy gathering data that there’s no time to analyze the data, you risk missing/not completing your reporting requirements and not benefiting from your data. Thankfully, that problem can be solved with efficient systems and strategy. Using the right tools—in this case—an automated compliance management system, can help CCOs improve their business outcomes.
Another way to improve your business is by monitoring workforce communication, more specifically the use of social media. It’s clear this medium isn’t going anywhere; in fact it will increase in the years to come. It’s time for management to find solutions that are flexible enough to adapt to changing requirements and the new growing methods of communication so your business will be well-positioned for what the regulatory future holds.
Communication isn’t the only area at risk because of changing technology. Cybersecurity is a significant risk, and experts say firms and governments should be doing more to manage the risk. But managing cybersecurity threats aren’t as simple as increasing the budget. In fact, experts say that some of the most significant tactics firms can deploy are relatively expensive. One example? Information sharing. Since hackers re-use the same methodologies frequently, simple information sharing is one of the best ways to improve security.
However, if you think hackers are your biggest cybersecurity threat, think again. Another study of data breaches found that nine out of ten were caused by employee fraud or error, not external threats. A compliance management program will help you combat threats to your data and avoid unnecessary risk.