CIOs have a unique vantage point over their organization. From where they sit, they see efficiencies, pain points, and potential weaknesses across all departments. This level of visibility is invaluable in today’s intricate, technology-driven, and information-rich business landscape.
With a majority of business operations riding on the shoulders of technology today, the success of one requires the coordination of many. That means a lot of vendors are involved in the handling and care of your sensitive data. How can companies ensure that the volumes of vendors they work with are compliant with all industry regulations and are properly protecting their business data?
Even if you have the greatest product in the world, it won’t sell if no one knows about it. You’ve got to invest in the proper promotional channels to get the word out. The same principle applies to an organization’s compliance program.
Let’s face it — compliancy isn’t what it used to be. With mounting pressure for companies to embrace innovative technologies to maintain competitive edge, the compliance landscape has become extraordinarily complex, and compliance leaders aren’t the only ones stressing about it. In a recent Robert Half Management Resources survey, more than 2,200 CFOs in the United States admitted that meeting regulatory compliance mandates is their second biggest stressor, right behind staying current with technology.
Implementing a new compliance initiative is one of the biggest challenges companies and compliance officers face. Many times, employees see new compliance initiatives as a response to something that went wrong. However, in reality, most new compliance initiatives are the result of changing laws, regulations, company contracts and meeting best practices. If you plan to launch a new compliance initiative in 2016, here are some key tips to help ensure it takes root.
As CEO of your company, you’ve worked hard to grow the business and ensure success. But there can be a roadblock to future growth of your organization—lack of compliance. This can have several negative effects on a company including loss of customers, fines and a lack of trust among current customers or prospects.
Effective compliance and risk management goes far beyond a set of policies. To be effective, a company’s compliance and risk management program must be embedded in its culture. All too often, companies see compliance as a separate activity that does not need to be integrated into the day-to-day business operations. All employees should share responsibility, and an intelligent risk framework should be created that brings compliance out in the open — letting employees know the importance of compliance while allowing them to communicate. But that’s often easier said than done.