We recently released a new e-book: Improving Collaboration between Legal, Compliance and Operational Risk that includes real-world examples and experiences from Morae Global, HMSHost, Systemax, and Exelon. One section of this e-book focuses on the maturity level of the compliance function within organizations.
Today, there are an increasing number of regulatory requirements and enforcement actions as well as a growing attention to business ethics overall, driving companies to conform to rules and regulations around business operations, data retention, and other business practices.
The maturity of your company’s compliance function plays a key role in how effective your organization will be to mitigate risks associated with these regulations. And, there is a direct link between a company’s compliance maturity and how well they communicate with different parts of the business. The ideal scenario is to have every employee in your organization to understand the risk and the importance of compliance, but getting there is a staged process that may take some time.
What influences maturity and collaboration?
- The International Element: Compliance requirements of geographies in which you operate can spark the maturing of your compliance function.
- External Factors in the Market: For other companies, it can be external factors such as data breaches, new regulatory requirements, etc.
- Internal Culture: This is the key to driving forward the maturity of the compliance function; without a culture of compliance, maturity levels are low.
Technology can help improve collaboration and encourage maturity, but you need enterprise-wide buy-in and senior-level involvement. Not only does the technology itself help, but the process buyers go through to implement enterprise software helps to improve their program through thought, visibility, and process improvements.
If you’d like to hear more on this topic along with other factors that contribute to the collaboration and communication between legal, compliance and operational risk, I encourage you to download the e-book, Improving Collaboration between Legal, Compliance, and Operational Risk, today.