Compliance at the strategic level, requires a forward-looking strategic perspective to deal with unprecedented uncertainty and ambiguity; a common process to deliver real-time accountability and transparency across regulatory areas with a common system of record.
There needs to be a balanced and holistic approach to manage the risks that could interrupt or negatively impact business, which includes compliance risk. The overarching risk management program should consider compliance risk as part of the enterprise view of risks. From reactive compliance to proactive commitment compliance for meeting legal, regulatory, corporate requirements is a strategic transition to improve overall GRC maturity.
Corporate regulatory compliance: Every well-established organization, industry has a set of regulation rules that businesses need to follow for ensuring desired behaviors and reducing operational risks. In fact, regulatory compliance is an important aspect of GRC disciplines. Being proactive means keeping abreast of standards and auditing to all regulations that may affect the company. It requires a common process to enable information accountability, monitor change, alert the organization to risk conditions, update policies, deliver real-time accountability and transparency across regulatory areas with a common system of record to monitor regulatory change, audit and measure the impact, implement appropriate corrective actions to realize great results.
Business legal compliance: Compliance is or should be more than just looking at internal directives. Requirements to ensure legal compliance are another component of the company’s risks. It may also need to look at the outside corporate world - looking at how the legal system in the world and society are developing, be compliant to the business & relevant laws such as labor & employee law, commercial law, IP law, international law, environmental protection law, etc. Be aware that compliance is not just about the letter of the law/regulation, but also very much about the spirit of the law/regulation. Unwritten rules, based on mutual respect and integrity should play an equally important role, next to the ‘hard’ compliance. Hence, ensuring and overseeing legal compliance is an essential part of senior leadership roles, as a good reputation to be seen as a good corporate citizen is one of the biggest assets of a company and most definitely a value creator.
Organizational requirement compliance: Rapid change and exponential growth of information are part of the business reality, business executives need to become information savvy, collect both information requirements and functional requirements, and more requirements from varying stakeholders, to get the full picture of strategic concerns of trends and risks of their organization, industry, and diverse geographical locations. The requirements in a business language describe the business goals, customer needs and personas, competitor offers, current product SWOT and all identified opportunities. To ensure business requirement compliance, take the traceability path of where the requirements come from, the requirements need to be functionally structured to serve enterprise needs, satisfy customers, and ensure organizational requirement compliance to improve organizational effectiveness and maturity. Once you've taken care of compliance, governance seems to flow out rather easily for no other reason than compliance, which takes a lot of effort and control these days.
What can be proactively done to pinpoint potential problems before they occur? Compliance at the strategic level, requires a forward-looking strategic perspective to deal with unprecedented uncertainty and ambiguity; a common process to deliver real-time accountability and transparency across regulatory areas with a common system of record. The effective compliance tool monitors change, enables information accountability, audits, measures the impact, and implements appropriate corrective actions to improve corporate maturity.
Corporate regulatory compliance: Every well-established organization, industry has a set of regulation rules that businesses need to follow for ensuring desired behaviors and reducing operational risks. In fact, regulatory compliance is an important aspect of GRC disciplines. Being proactive means keeping abreast of standards and auditing to all regulations that may affect the company. It requires a common process to enable information accountability, monitor change, alert the organization to risk conditions, update policies, deliver real-time accountability and transparency across regulatory areas with a common system of record to monitor regulatory change, audit and measure the impact, implement appropriate corrective actions to realize great results.
Business legal compliance: Compliance is or should be more than just looking at internal directives. Requirements to ensure legal compliance are another component of the company’s risks. It may also need to look at the outside corporate world - looking at how the legal system in the world and society are developing, be compliant to the business & relevant laws such as labor & employee law, commercial law, IP law, international law, environmental protection law, etc. Be aware that compliance is not just about the letter of the law/regulation, but also very much about the spirit of the law/regulation. Unwritten rules, based on mutual respect and integrity should play an equally important role, next to the ‘hard’ compliance. Hence, ensuring and overseeing legal compliance is an essential part of senior leadership roles, as a good reputation to be seen as a good corporate citizen is one of the biggest assets of a company and most definitely a value creator.
What can be proactively done to pinpoint potential problems before they occur? Compliance at the strategic level, requires a forward-looking strategic perspective to deal with unprecedented uncertainty and ambiguity; a common process to deliver real-time accountability and transparency across regulatory areas with a common system of record. The effective compliance tool monitors change, enables information accountability, audits, measures the impact, and implements appropriate corrective actions to improve corporate maturity.
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