The new Administration has left many wondering up from down. Indeed, a number of significant changes to business and regulatory requirements are expected, but the question is: What shape will these changes take?
A successful organization must always be prepared for complexities related to risk and regulations. One way to do so is through the integration of compliance into the overall business strategy.
What exactly does this process look like?
According to a recent PWC report, integrating compliance initiatives into the organization’s day-to-day operations can be achieved by:
- Implementing a company-wide compliance standard,
- establishing processes to regularly evaluate risks, and
- creating reliable oversight standards for managing regulatory matters.
By doing so, PWC points out, organizations can unite compliance and business strategy, while simultaneously controlling risk and managing costs.
It starts at the top
This may come as no surprise: an organization will follow the tone set by its leaders. In other words, if management embraces the organization’s commitment to compliance and ethics programs, the commitment will spread and set the compliance tone for the entire organization, making this necessary part of running a business a smooth endeavor.
Unfortunately, many businesses miss out on this. Indeed, business management experts share that the monitoring of compliance and ethics practices is an unexploited opportunity for a majority of companies. It’s true that by including these metrics, businesses have the chance to not only hold leadership accountable, but to develop ways to better communicate their commitment to compliance.
Assessment is an ongoing process
With regulatory requirements changing as they have been, and will continue to if trends are correct, it’s imperative that organizations undergo an annual regulation and compliance review to ensure their business processes are in line with recent regulatory and legal developments.
Establishing reporting standards
It’s key that an organization sets up its reporting standards and sticks to them, encouraging participation at all levels. For maximum efficacy, all levels are included, from the Board of Directors, to the compliance department, senior leadership and other internal teams.
To learn more about how Legalinc can help you better manage your compliance needs, contact us today.