Is your approach to compliance fit for the future?
09 April, 2021
Local survey responses highlight a strategy based, predictive and technology enabled approach to compliance.
Q&A session during the MSON 2021 conference.
In summary
“Our approach to compliance is aligned with strategy, purpose and values, not just laws and regulations”
87% of local respondents agreed with this statement
Our Perspective
Compliance must be aligned with strategy, purpose and values, not just laws and regulations. Compliance processes that are closely aligned to overall business goals are more effective in building trust.
- Making sure that staff understand both the “why” and “what” behind compliance processes has been shown to increase effective engagement and decrease internal breaches. Start by clearly linking compliance to strategic priorities and risk appetite.
- Maintaining consistent behaviour starts with building the values of the organisation into all stages of the compliance process.
- Compliance should be everywhere. Most organisations manage varied compliance obligations across disparate departments and functions. Confirming each is aligned with overall strategy, purpose and values helps build consistent trust and a great customer and staff experience.
“Our compliance processes are enabled by technology and data”
81% of local respondents agreed with this statement
Our Perspective
Technology-powered compliance helps increase the bottom line by reducing both the cost of compliance processes and the likelihood of expensive compliance failures.
High reliability and efficiency in compliance is more difficult to achieve today without having the technology and rich datasets available to drive these outcomes.
From next generation governance, risk management and compliance (GRC) systems, to natural language recognition and advanced analytics, organisations are deploying a wide range of technologies to develop more efficient, automated and effective compliance.
“Our compliance activities are predictive, preventative, and proactive, not just detective”
84% of local respondents agreed with this statement
Our Perspective
One of the more common reasons compliance failures occur is through organisations falling behind on emerging regulatory developments.
While keeping pace with change can be a challenge, organisations that leverage insight and information from regulatory sources and third-party databases can help themselves to stay ahead.
The availability of data and technology across an organisation makes the prevention, real time detection and correction of compliance breaches increasingly realistic.
Through process animation tools and advanced analytics, for example, organisations can observe patterns of behaviour, pinpoint potential emerging challenges in processes and detect where the organisation is approaching compliance thresholds.
Together, these tech-enabled processes simplify staff’s compliance experience, and help protect them from possible breaches, leading to increased internal confidence, and a stronger company culture.
We also asked the local audience to respond to the following statement to gauge the extent to which the local market is leveraging the opportunity to manage the increasing cost of compliance.
“We are pursuing opportunities to better manage the cost of compliance through transformational change”
58% of local respondents agreed with this statement
Our Perspective
Antipathy in leaning towards doing something as opposed to doing the right thing for an organisation can only lead to stagnation.
Embracing transformational change, particularly in the area of compliance, can bring net benefits in promoting cultural change and decreasing costs while increasing efficiency.
- To discuss the themes raised in this blog, get in touch. For more information about the 2021 Manx State of the Nation conference, read our news release.
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