How evolved is your approach?
More than just a cost of doing business. To Chief Compliance Officers, it’s a refrain they’ve heard for years: a challenge, an ambition, and perhaps a sliver of veiled insult. Few dispute that the resources an organization devotes to keeping out of trouble have the potential to contribute far more than they traditionally have.
But what does such an evolution look like when it leaps off the drawing board and takes hold in real life? To find the answer, organizations need more than just a fresh view of the Compliance function. Compliance modernization is a broad mandate that spans the way the function is governed; the tools, technology, and analytics it uses; the number and nature of its connections to other parts of the business; the expectations assigned to it; and more.
Executing on day-to-day compliance activities is a struggle because reactive issues eat up time that might otherwise be used toward forward-looking risk mitigation. The evolution of business adds new pressures for Chief Compliance Officers (CCOs) and their teams. At the same time, new capabilities emerge that can help these teams do more. For some organizations, across-the-board change is in order. Others may have evolved their programs already but stand to benefit from a corresponding update to discrete capabilities.
For certain, the status quo is not an option. The demands on businesses and Compliance programs are ever more heightened, complex, rapid, and costly. For instance, consider the following:
For more information on how you can modernize your compliance program, read our full report Compliance Modernization is no longer optional: How evolved is your approach?