What does a truly robust compliance management system look like?
For one, it “shouldn’t be designed just to avoid violations of the law and regulations,” said Leslie Caldwell, assistant attorney general for the Justice Department’s Criminal Division. “It really should be designed to protect the company’s reputation, employees, customers, third parties, and, frankly, the public.”
Organizations tend to be more reactive than proactive. Preventing risk and ensuring your compliance management program protects your business is necessary for it to be effective. Caldwell also stressed that too many businesses focus on “guarding against yesterday’s problems, but they’re failing to identify and prevent tomorrow’s problems.”
Looking ahead, there are new risks entering the workplace, and companies have to look beyond the standard regulatory risks to prepare for the new risks on the horizon. One example of an evolving risk is the use of technology and social media. Social media use presents a significant challenge for compliance professionals due to the volume of data and the number of outlets they impact (and the fact that new ones are always appearing). If you don’t have a social media policy as part of your compliance program, you might want to add one. At the same time, organizations need to tailor their social media policies to allow for usage that benefits the business and embraces technology – a difficult balance to strike.
Onboarding, training and managing new hires and advancing employees is another challenge for your compliance management program. Does your recently promoted manager have the needed policies, produces and trainings they need for their new role?
Executives and managers increasingly have less time due to their growing workload to assist in this education but that doesn’t mean it is not important. Creating the right culture of compliance essentially includes getting your new hires up to speed while managing your existing workforce. Education and training must continue to evolve and be communicated to the workforce.
Your compliance management program should be built so that as an organization, you can evolve to changes in your environment and plan ahead to prevent the potential problems for tomorrow.