Compliance officers today face many complex challenges. One of them in to match up with the pace of regulatory change. It is swift and expectations of the regulatory bodies are on a constant rise. Brexit, USA Elections, Indian GST implementation and other significant geopolitical developments further complicate the regulatory landscape. These regulatory fluctuations make it challenging for compliance officers to prioritize their compliance efforts.
In this dynamic environment, many CCOs focus on further grounding their compliance efforts to establish good governance, robust internal controls and a strong value system.
Also, global regulatory trends support better corporate governance and risk management. Therefore, it is important to continue to emphasize, instill and enhance a culture of compliance across the organization. As per a KPMG report, 31% of CCOs did not know or did not communicate, conduct and culture lessons across their organizations.
Here are a few ways to adapt to regulatory changes in a business environment :
Engage in cross business, multi-stakeholder discussions to identify cloud arrangements
With our cloud systems, we are almost always sharing information and data with other organizations, whether they are business partners, clients, or regulatory agencies. Everyone should be clear and on the same page about how security and compliance measures are handled.
Understand clearly which legal jurisdictions govern your organization’s information
Regulations can shift when crossing state borders within your own country, let alone when crossing international borders. Each region’s requirements must be clear and understood within your auditing system.
Adapt existing policies and procedures to engage with the business
With regulations constantly changing, your policies and procedures have to constantly change, at least to some degree. This can be overly difficult without real-time information that ties compliance and auditing to operations.
Align the security function with the organization’s approach to risk management for cloud services
Traditional risk management systems are obsolete in the online world. If you believe that your organization is too small or insignificant for attacks and breaches, you don’t understand the scope of the problem. Security and risk management needs to become a major focus within every organization, and the most effective tool for recognizing potential problems and non-compliant areas is regular, effective auditing.
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