Your digital transformation will bring most inherent risk of compliance. Rules and regulations are changing rapidly . Your organization should adapt a risk based approach to compliance management in order to keep pace with an increasing complexity of regulations and data protection laws.
Government and law makers are working hard to protect consumers from unethical corporate behaviors, privacy breaches and other risks. The net effect to the average organization is; more rules, more compliance, more expense. Even small business face different rules and obligations as well as impact-full changes in regulations every year requiring reviews. With a better compliance processes in place, your organization has a safety net to exploit opportunities such as adopting new technologies, expanding markets and launching new digital products and services.
Enable the compliance function to understand the business and IT resources; relationships and criticality; establish ownership and accountability; and lay the foundation for compliance reporting.
Developing efficient method to identify, track, measure the impact of regulatory and other corporate compliance obligations in order to set priorities, allocate appropriate resource to achieve compliance and adopt to changes in compliance requirements.
Processes to develop a fully functional life cycle of governance across the organization, aligned with regulatory and corporate requirements and leveraging best practice to lay a solid foundation for implementing effective operational controls.
Implementing operational controls that are fully rationalized to risk-based drivers and efficiently reportable, and monitoring the performance of the control to ensure controls operate effectively and inform continuous refinement processes.
Your organization should implement a future-ready Regulatory and Corporate Compliance Management program. This is not a check list which has to be filled every year or twice a year. It is a maturity journey that organizations must take to turn compliance into an advantaged position to enable the your business to exploit opportunities.