Operating as a non-profit organization in an overly competitive and capitalism-first economy means that there is no shortage of obstacles. Non-profits are bound by unending public scrutiny coupled with strict government regulations because of the special financial privileges they enjoy. The tax-exempt status combined with access to public funding is two very good reasons why compliance, on all fronts, can’t be ignored.
The year 2021 ushers in a new decade of business change, especially considering the roller-coaster that 2020 was. As organizations move forward, there are various compliance challenges both new and old that compliance officers must come to terms with. Compliance refers to playing according to the rule book, so amid geo-political changes, data privacy concerns, questions on operational resilience, and cybercrime threats, there is new interest in policy and regulatory mandates.
Risks are inevitable in business. Businesses must reduce their exposure to risks and find ways to mitigate them to remain competitive in business. Identification and acknowledgement of risks that affect the operations, profitability, security, or reputation of the business is the first step. Developing strategies to mitigate these risks is the next and the most essential step! Risk mitigation is an important step in risk management that includes identifying the risk, assessing the risk, and mitigating the risk.