For many organisations compliance strategy is probably not on the top of their priority list. But the data scandals and breaches of 2018 suggest it should be. The Facebook and Cambridge Analytica saga is a prime example of how important it is to manage data risk, no matter how large or small your business is.
We've laid out 4 important compliance options you should have on your mind going into 2021.
1. An all-encompassing compliance strategy
Compliance doesn't work in a vacuum, nor in isolated siloed departments. However, almost every organisation manages their compliance program under this pretence. It's vital to integrate your compliance strategy across the entire enterprise into every department. Removing silos in the compliance world is vital, so you need to have the right software to handle this. ReadiNow offers a integrated cloud-based software platform that lets your departments share data, escape silos and build an enterprise-wide compliance strategy.
2. Use the right compliance software for your organisation
Every organisation is different. Thus the compliance software you use needs to be able to adapt to your exact situation and future goals. There are hundreds of different GRC software vendors out there, from legacy software to advanced platforms. The worse thing for your organisation is to use multiple GRC solutions for your business. But this is unfortunately what many organisations do. Instead you need an innovative software platform that offers adaptable, flexible GRC solutions and can scale to exactly what your organisation requires.
3. Setting your foundation and culture of risk
One of the most important components of your business strategy and brand culture is balancing productivity with your risk preparedness. It's vital to integrate and promote strong compliance business values as part of your culture. This works out in the long-run because when disasters strike, your people will become participants in the solution, rather than victims of the situation. Which can help your organisation avoid massive productivity and brand profile fallouts.
4. Thinking ahead and predicting organisational risk
Most risks concerning compliance can be completely avoided. The goal is not only to be on top of your existing compliance practices, but to consider what might change in the future including possible domestic regulatory changes, where your company could be exposed to different macro risks.
Overall, these four tips can help improve the compliance strategy for your business. But having a software platform that lets your departments share data, escape silos and build an enterprise-wide compliance strategy is equally important. To talk to ReadiNow about how we can help, simply call one of our experts on 1800 153 153 or book a demo.
Compliance Management Webinar
Watch the webinar on demand as we discuss the problems with checkbox compliance and how to keep up with the pace of regulatory change.