For compliance leaders, navigating today’s regulatory landscape might seem like playing a game with constantly shifting goal lines. And, these changes will likely continue as the current U.S. administration pursues its plans to pullback various regulations on businesses. While meeting new compliance requirements will be a short-run challenge that will require greater agility, compliance leaders will also need to focus on the future, working to continuously improve their compliance programs and foster greater alignment with their business strategy. At the same time, stakeholders across the organization are seeking to increase the effectiveness and efficiency while cutting the cost of their compliance activities to further compete in an expanding digital and automated world.
Top five areas where compliance leaders need to focus to meet the challenges this year and beyond include: culture, operational integration, automation of compliance activities, risk assessments, and continuous improvement . Investment in these areas will allow organizations to identify and respond early to shifts and trends, enabling business, risk, legal, technology, and internal audit leaders to move beyond compliance to create value.