How to Ensure Regulatory Compliance in Manufacturing Industry?

One of the most prominent challenges organizations face today is operationalizing and managing compliance programs and holding stakeholders accountable. Given the complexity of the compliance landscape, professionals in this field have different views on the concept of “operationalizing compliance management”.

Is your organization’s policy management framework integrated with the business? What does a modern organization that places emphasis on policy adherence resemble?  How can an organization integrate policy management within the context of the organization?  It is important to design a policy in the most effective manner possible. Policies should be designed to benefit all employees. There are many ways to make policies accessible for all workers but communicating the processes clearly cannot be overstated. If the workers do not understand the policies or if the policies have not been delivered to them in an accessible way, then there will be a gap between the goals of the organization and the mindset of the workers. These principles are essential and cannot be overstated.

Nonprofit organizations unlike for-profit organizations, are less directed by an operations staff and are largely managed by a committee. It becomes the role of the board to design structures and guidance for committees that will be relevant to the needs of the organization.

Compliance today is a monumental challenge in the context of continuous evolution, vast volumes of data, and change within the organization, regulations, and external risk environments. From nonstop regulatory change to updated processes, the compliance landscape is always changing for each organization making it necessary to develop agile compliance processes to meet the ever-growing list of demanding requirements.

Governance, risk, and compliance is a hot topic amongst organizations of all sizes. GRC principles are essential in developing sustainable operations in the uncertainty of the future. Each of these is a separate pillar of an organizational structure, but each relies on the other to maintain the integrity of the organization. Governance seeks to maintain strong, responsible, and diligent leadership. Risk management is the identification, preparedness, and mitigation of threatening uncertainties. And compliance ensures that the organization upholds the law and operates with integrity. Each of these helps build the foundation for the organization to move forward in a responsible and sustainable manner.

These words will ring true until the end of time, as many believe that the true path to happiness is giving rather than taking. Strangely enough, giving can often be more challenging than taking as being self-serving and self-interested is the easy route to go through life, while attempting to make the world a better place can be more of a struggle than many are willing to face. In our current and modern world of business, an increased emphasis on the culture of an organization is continually highlighted. Both regulatory bodies and the public are increasingly trending towards the demand of corporate ethical practices and principles. This puts a unique and intense pressure on compliance professionals in nonprofit organizations world-wide as they must take responsibility to build controls and procedures that establish an authentically ethical organization that acts with integrity.

In today’s modern world, it is becoming increasingly necessary for even non-profit organizations to stay on top of constant change and the ever-growing list of demanding regulations. Our current modern environment has grown into an increasingly complex and interconnected web of third-party relationships, distributed operations, global supply chains, compliance requirements etc. This puts a unique and intense pressure on compliance professionals within non-profit organizations world-wide as they must take responsibility to build controls and procedures that establish an authentically ethical organization that acts with integrity in such a dynamic environment. As non-profit organizations are exempt from federal and state taxes and have unique access to certain types of public funding, they consequently hold themselves accountable to the highest standards of ethical and compliance practices.

The first step to solving any problem is admitting that there is one. No matter how well an organization structures its governance, risk management, and compliance framework there will be issues that always slip through the cracks. Organizations must be aware of this and develop a holistic issue reporting and case management system with 360-degree awareness or issues and how they impact the organization risk and compliance profile.

If you travel to Denmark, you’ll find that when you enter the subway system there are no turnstiles prohibiting your access to the platform prior to providing payment or taping your metro card. Why is this you might ask if you’re an urban native anywhere else in the world? No, public transportation isn’t free. Denmark has achieved something that is absolutely unthinkable to many parts of the world, a prime culture of trust – a phenomenon that residents of major urban centers such as New York, London, and San Francisco would find baffling. A culture of trust means that compliance and adherence to rules is so high that creating checkpoints and protocols to ensure trust are virtually unnecessary because all actors are complying.