Compliance is Not Easy
Organizations across industries have global clients, partners, and business operations. Adding to the complexity of global business, today’s organization is dynamic and constantly changing. New employees come, others leave, roles change. New business partner relationships are established, others terminated. The business enters new markets, opens new facilities, contracts with agents, or introduces new products. New laws are introduced, regulations change, the risk environment shifts (e.g., economic, geo-political, operational), impacting how business is conducted. As organizations expand operations and business relationships (e.g., vendors, supply chain, consultants, and staffing) their compliance risk profile grows exponentially.
The dynamic and global nature of business is challenging for managing compliance. Compliance activities managed in silos often lead to the inevitable failure of an organization’s and compliance program. Reactive, document-centric, siloed information and processes fail to manage compliance, leaving stakeholders blind to the intricate relationships of compliance risk across the business. Management is not thinking about how compliance management processes can provide greater insight. This ad hoc approach results in poor visibility across the organization and its environment.
Compliance obligations and ethical risk is like the hydra in mythology—organizations combat . . .
[the rest of this blog can be found on the CURA website where GRC 20/20’s Michael Rasmussen is a guest author]