Any company that’s been in business for more than a few months can attest to the fact that compliance is not only a big part of being in business, it’s a moving target that almost changes with the seasons. And the last half of 2017 pushed the focus on compliance into high gear with the various scandals and lawsuits that popped up across the landscape.
In light of those events, Entrepreneur Magazine recently published an article with four points that leaders should be thinking about in 2018 and into the future, which we’ve laid out below.
- A unified compliance strategy
Compliance doesn’t work well as a separate department, yet that’s how many if not most companies operate their compliance programs. It’s like an internal affairs department that does work behind the scenes and suddenly appears when things aren’t right. The better option is to integrate compliance across the enterprise in every department.
- Compliance platforms to the rescue
This is, of course, a point dear to our heart. Legacy software and programs are too cumbersome to manage modern compliance requirements, and even most modern software is too inflexible to stay on top of everything. According to the article, most businesses use multiple different technology vendors for their compliance management. This is why we created Compliance Checkpoint to be a comprehensive, flexible, and scalable single solution.
- Forward-thinking to head off potential risks
Despite constant lawsuits, scandals, and general problems concerning compliance, most of them are completely avoidable. The key is to not only get on top of your current compliance situation, but to consider what might change in the future including possible regulatory moves as well as how and where your company could expand and what that might entail.
- Making your values known
This should frankly already be a part of your corporate strategy, but if it’s not then add it to your to-do list. Incorporating and promoting your values as part of your business culture goes a long way in reinforcing the actions you want to both encourage and discourage.
You can read the complete article here.