With 2018 fast approaching, organizations are busy devising strategies for the year ahead. As ever, the business landscape is continuing its never-ending pursuit for efficiency and next year will be no different. Thanks to the tremendous advancements in technology, regulations, and globalization this task has been made easier. With these strides in the business world, regulatory bodies are responding with significant new compliance requirements. Companies need to stay alert and create strategies to ensure a smooth adaptation to these new regulations. If they fail to do this, they not only fall behind their competitors but face possible penalties and loss of consumer loyalty.
Preparing for Compliance Milestones in 2018
Organizations will have to adopt an agile approach for better alignment between compliance, strategy and operational activities. By responding quickly to key trends companies can stay ahead of the curve and within the regulations. Cloud-based audit solutions and automation of compliance management will inevitably play a key role in this. For compliant-tomorrows, start investing wisely today.
Invest Wisely: Where?
In the past year, we have witnessed scandals like Panama papers, Unaoil and hefty breaching fines handed down by US, UK and EU regulators. The after-effects of Brexit, result of US elections, and ongoing political tensions will not wane in 2018.
We are in an environment where changes occur quickly, regulations and laws are complex and standards, rules and regulations pose difficulty to stay on the top.
Best Tips to Meet Compliance Smoothly
It is a known fact that lack of strategy leads to increased risk. Without a strategy, minor yet crucial alterations to laws can be easily missed. Save your organization from such issues with a well-thought and planned strategy.
Not only do compliance strategies reduce risks, they can develop a proactive approach to create a coherent multi-regulation strategy and embed a value-based culture in your company. Employees can track their performances and take ownership of their work.
Along with a well-defined approach, management policies and framework also help to deal with instances of non-compliance through assessment and reporting. An inclusive compliance framework helps in the hassle-free management of regulatory changes, with cloud-based technology leading the way. These technological aids (like compliance management software solutions) help to conduct smarter audits, identify risks, deliver intuitive reports and can be fully personalized as per changes in regulations.
Tone It Up from the Top
Adherence to compliance begins at the top. Ensure the senior management of your company demonstrate absolute commitment to diligent processes, policies, and culture. Once these practices are embedded within a company’s daily routine the whole business benefits and no longer is it a top-down approach but a bottom-up.
Strategize in 2018 Smartly – Get into Action Now
With non-compliance, there is a potential threat of accidents to occur. Comply with regulations and embed intelligence in your processes without the burden of legacy systems. A smooth transition from paper-based systems to technology-based solutions will do the trick to meet new market challenges. Get into action now with ECAT- your intelligent audit partner. Move your business onto the next level in 2018. Cheers!