Organizational exposure to compliance risk is rising while the cost of compliance soars. Organizations operate in a field of ethical, regulatory, and legal landmines. The daily headlines reveal companies that fail to comply with obligations and value. Corporate ethics is measured by what a corporation does and does not do when it thinks it can get away with something. Compliance management boils down to defining – and maintaining – corporate integrity.
However, compliance is not easy. Organizations are complex and dynamic. The modern organization changes by the minute or even second. The organization can go from a state of compliance to non-compliance in a blink of an eye. Processes change. Technology changes. Employees change. Business relationships change. 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.
In an ever-changing business environment, how does your organization validate that it is current with legal, regulatory, policies, and other obligations?
To maintain compliance, an organization must . . .
[THE REST OF THIS ARTICLE CAN BE FOUND ON THE CURA BLOG WHERE GRC 20/20’S MICHAEL RASMUSSEN IS A GUEST AUTHOR]