Almost every company that has conducted operations for more than 6 to 12 months knows that compliance is not just a small part of the overarching business, it's like shooting a needle in a haystack with constant changes to regulatory environments almost seasonally. During later 2017 and early 2018, there was a large global focus to get compliance back into the digital age.
Taking these events into consideration, we have put together the 4 tips compliance leaders should know in 2019 and beyond.
1. An overarching organisational compliance strategy
Compliance has truly never functioned optimally in silos, yet if you ask the top 500 global companies on the planet, this is exactly how they operate their compliance strategy and operation. Yes, it is a business unit that works behind closed doors and randomly appears when events occur. At ReadiNow, we found that it's vital to incorporate compliance across the entire enterprise in every department. Moving away from reaction to prevention. As a plug, ReadiNow can handle this with ease.
2. Embrace a true compliance platform
Legacy systems and software are a thing of the past and require too much time to manager efficiency based on an ever-evolving compliance environment. Even the most modern "software" is not flexible enough to stay ahead of the game. The fact is, it's vital to embrace a true cloud GRC platform that can enable every department in your enterprise to function optimally.
3. Prevention over reactive compliance
Let's face it if the focus for the business was to prevent, rather than react, most problems concerning compliance are completely avoidable if done correctly. The solution is to utilise a compliance tool that adapts to the ever seasonal-changing compliance environment and enable your company to expand confidently.
4. Corporate values need to been known throughout the organisation
This will most likely already be in your compliance strategy, but it's vital that we'll throw it in here. Promoting corporate values as part of your business risk culture works out in the long run when enabling your leaders to encourage regulatory compliance in their respective teams and enable ownership in every facet of the organisation. That is the making of a pristine corporate compliance strategy for 2019.