How To Move From Reactive To Predictive Compliance

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Compliance in many organisations is reactive rather than proactive, and perceived as a necessary evil to stay in business. More sophisticated organisations who place a higher value on compliance, however, are using the data from compliance audits to gain competitive advantage and mitigate risk exposure. 

Compliance data, when collected correctly, is rich business intelligence and offers invaluable insight into internal and external business process, performance and control metrics. Digitised compliance monitoring systems are a necessity to gather this information in real-time, which is the only way this application of the data is effectively possible. The result of this forward thinking application of data is a state of “predictive compliance”.

Today we consider how real-time audit data can allow businesses to predict and prevent future compliance risks

Too Big to be Non-Compliant, Why Take the Risk

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As we’ve preached for years now, regulatory compliance is more than just important in business, it’s an absolute necessity. And the larger the business caught in non-compliance, particularly in cases that affect public health and safety, the deeper and wider the implications and consequences of that non-compliance becomes. This has become very evident in the current scandal involving Volkswagen, the third largest automobile manufacturer in the world.

In this article we look at the potential large-scale consequences of non-compliance, as demonstrated by the Volkswagen scandal.

In Compliance, Big Salaries Come With Big Risks and Responsibilities

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Compliance has become a huge industry, partly out of wanting to simply do good business, but mostly out of the necessity of complying with ever-increasing rules and regulations from governments and other regulatory agencies.

In response to the new demand, companies are now paying hefty salaries to compliance officers. As with all things, however, great rewards come only from great risks and responsibilities.

In this article we explain why Compliance Officers are earning higher salaries and why they are personally at risk for non-compliance.

3 Ways Your Compliance Review Process Can Ensure A High Quality Standard

Today’s compliance officer is facing a growing number of audits, more reporting and sometimes with fewer resources than ever to meet the growing demand of compliance across all business models -whether small, large or somewhere in between. 

In the midst of constantly changing rules and regulations, the compliance officer is bogged down and under pressure to report swiftly.