Five focal areas for investment
The need for agility and greater alignment between compliance and business strategy, coupled with continued refinement of regulatory requirements and expectations, reinforce the need for organizations to continuously improve their compliance activities. By identifying and responding to shifts and trends in compliance early, compliance, business, risk, legal, technology, and internal audit partners can better position their organization to move beyond compliance. In the future, integration and automation of compliance activities is an imperative. To prepare for tomorrow, organizations must invest today.
Investment in the following five areas can help you to better position your organization for the future:
We recognize that stakeholders across the organization are increasingly seeking greater compliance effectiveness, efficiency, cost cutting, and agility in compliance activities to further compete in the expanding digital and automated world.
Further integration and automation of specific compliance efforts can help meet these expectations, while also strengthening the organization’s overall control environment, and the accountability of employees across all three lines of defense.
Compliance and business leaders must continuously improve their compliance activities in pursuit of greater effectiveness, efficiency, agility, and resiliency.
As market pressures encourage organizations to further cut costs, compliance and business leaders must continue to strategically invest in compliance activities that will expand their risk coverage, embed compliance enterprise-wide, and support business goals and objectives.
Compliance automation, operational integration, refinement of compliance risk assessments, and measures to reinforce accountability of employees, contractors, and third parties, are all ways to accomplish this. By continuously improving, organizations can methodically position their organizations for the future.