The New Age of Corporate Tech and Compliance
We are in the midst of, arguably, the most innovative era in history. Advancements in technology, culture, ideology, and the economy are happening simultaneously. Business is being conducted in unfamiliar, unique ways. With stylus in one hand and cyber sledgehammer in the other, new methods and technologies are rewriting the books while pulverizing traditional ways of transacting business.
Cloud computing. Big Data. Internet of Things. They have influenced new business models and forced existing organizations to change their thinking. We are experiencing a time when the world’s most popular content provider creates no content, the world’s largest ride-sharing firm owns no vehicles, and the company offering the largest selection of lodging/accommodations owns zero real estate.
While advancements in technology can offer quicker, cheaper alternatives to conventional methods, they bring with them increased regulatory scrutiny. Legislation enforcing comprehensive regulatory compliance for these new methods is inevitable.
New Biz Meets New Tech… Again.
A tidal wave of new regulations is already being experienced. In 2014 alone, there were approximately 3,500 new regulations and rules set to affect U.S. businesses of all sizes. Companies of any magnitude and tenure will be tasked with complying with relevant regulations, and doing so will be no small undertaking.
However, in the same way companies have adopted contemporary technologies for a competitive advantage, they can employ technology to address modern compliance issues. Those who enter the arena of compliance armed with traditional methods will have their work cut out for them to merely keep their heads above water. In contrast, companies choosing to utilize new-age compliance solutions will parry those regulatory waves with ease.
GRC solutions (governance, risk management, and compliance) have entered the technology landscape in a big way over the past few years. Robust GRC solutions can be applied across the entire business enterprise, most notably surrounding compliance, to help organizations be more effective and efficient in handling a spectrum of processes.
These solutions function in a way that centralizes compliance activities allowing separate business departments to work in unison to manage policies, track regulatory changes, and create awareness to the overall state of compliance. Dashboards allow for a comprehensive, visual representation of this state of compliance through organizational policies being mapped to regulatory controls. Automated gap analysis of regulatory revisions expedites the process of maintaining compliance while greatly reducing redundant efforts. Coupled with other areas within the enterprise, such as audit, these compliance efforts become even more powerful in turning once labor-intensive tasks into centralized, streamlined processes.
An organization doesn’t have to engage entirely in the bleeding-edge of new tech to remain operational. Technological advancements are created with the intention of performing some legacy tasks more efficiently and inexpensively. And that is exactly what GRC solutions offer in the realm of compliance, and beyond.
Regulatory compliance will forever remain a constant requiring an increased amount of attention in the future. While it may not serve some organizations to have their own mobile app or trendy website, utilizing practical modern technology, such as a GRC solution, can help any company traverse the new age of corporate compliance with ease and efficiency.
Compliance departments are seriously challenged these days. As business swirls in response to COVID-19, compliance has taken a back seat. That can lead to trouble—violations, fines or both—due to missing deadlines. Management, in a questionable move, may ask compliance to do something taboo. Instead of reading a half empty glass post designed to help compliance deal with these challenges, they instead get a half full glass post that is brimming with optimism for compliance’s role during COVID-19.
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