Compliance Officers are primarily responsible for ensuring that companies adheres to regulations.
Innovation in compliance
Compliance is seldom seen as driving innovation in companies, to the extent that it is viewed as a blocker of bold ideas. This outlook also stems from the fact that compliance deals with topics such as regulation and enforcement and thus prevents it from being seen as an enabler.
The role of a Compliance Officer was never easy and is only getting more challenging. Meeting regulatory challenges and ensuring that the company abides by both internal and external regulations can sometimes force innovation to take a back seat. This is bound to introduce a certain kind of tension within the organization, especially when compliance issues end up preventing innovative ideas from taking shape. Compliance is, therefore, not something that companies should resist, but instead embrace so that other aspects of the company can greatly benefit from it.
But does having to adhere to regulations mean that there is no longer room for innovation in the company? Because compliance stands at an intersection of risk management and the overall digital transformation of a company, this carves out enough space for making compliance management even more effective.
Digitizing compliance and focus on compliance communication
Different companies have different approaches to seamlessly integrate compliance into the overall culture of the organization. From annual trainings to interactive workshops and more, there are several ways in which compliance teams attempt to get the idea of compliance to every employee.
Effective compliance communication, integration and harmonization with existing organizational structures, and promotion of a compliance culture in the company are seen by Compliance Officers themselves as challenges. Digital ethics is one of their new tasks and today, this is possible using tools such as a Compliance App.
Rulebook provides the right answer to every question. Always and everywhere knowing what is and is not feasible, the platform provides employees with a tool that generates competence to act in all situations. This creates motivation and trust, while at the same time avoiding breaches of rules and defensive attitudes from employees.
The key to integrate compliance into the everyday, operational process of companies also means that all its employees are made aware of the corporate values that guide the company as well as have a platform for employee engagement. By digitalizing the compliance function, companies are able to empower all employees to clearly identify issues independently and if needed, with the assistance of the compliance officer or team. This way, compliance knowledge is made available and more importantly, easily accessible to employees, who can then take calculated risks based on the information they have at hand. What such a process also ensures is that it makes compliance the responsibly of each and every employee and not just confine it to the compliance officer.
Employees need to be empowered with the necessary tools with which they can assess own risks and take informed, intelligent risks. A strong company culture drives compliance.