The world of compliance risk management is in a constant state of change. Because of this, organizations continuously struggle to ensure that their business operations are compliant not only with governmental regulations but also with ethical values. With this in mind, it seems that compliance teams worldwide are constantly playing catch up in determining what business units, departments, and processes are prone to compliance failures and which are not. Being behind on this process can be extremely dangerous to the organization as compliance failure can lead to a plethora of fines, setbacks, and a diminishing reputation among customers. It would seem to many compliance teams that nothing short of the ability to predict the future is suitable enough to identify and prevent emerging risks effectively. A compliance risks analysis may be able to give organizations exactly what they need to build a robust compliance program better and better mitigate the potential of emerging risk.
After Frances Haugen, a former Facebook employee, has come forward with the accusation that Facebook puts profit before the safety of people, the platform’s reputation has gone down the tubes. In another example, the 2016 account fraud scandal tarnished Wells Fargo’s reputation, and it faced tremendous backlash from shareholders and customers. Wells Fargo was considered one of the most reputed brands in the US till the account fraud scandal came out in 2016. The bank had to pay around $3 billion to settle its probes and fines.
The consequences that come with being non-compliant is huge. Considering the stringent regulatory requirements, internationally agreed on industry standards, and the need for internal efficiencies, it is imperative that organizations are proactive about compliance. But, staying on track with changing laws, regulations, and standards is a tedious process. Compliance automation can help solve these complex problems – streamline business processes, automate routine tasks, generate arduous reports in seconds and most importantly… improve overall organizational efficiency.