Navigating the Evolving Regulatory Landscape with Compliance Best Practices
In continuation to the Top 10 Compliance Best Practices that we already discussed, here are some of the core suggestions from Industry's top leaders. Directly from the horse's mouth, what are some of the strategies that you can adopt for ensuring internal controls, safety, and security for your organizations. Here are Compliance Best Practices from IT industry leaders.
IBM: Focus on Automated Controls Monitoring
IBM suggests implementing solutions like their OpenPages platform to automate the monitoring and testing of internal controls. This enables real-time visibility into control effectiveness, allowing organizations to quickly identify and remediate control failures or compliance gaps.
Automated controls monitoring also facilitates evidence collection and documentation for audits, streamlining the compliance reporting process.
Deloitte: Adopt a Risk-Based Compliance Approach
Deloitte recommends organizations prioritize their compliance efforts based on a thorough risk assessment, considering factors like regulatory impact, potential fines, and reputational damage.
This approach involves identifying high-risk areas and allocating resources accordingly, ensuring that critical compliance requirements are addressed first.
Risk-based compliance also involves continuous risk monitoring and periodic reassessments to adapt to changing business and regulatory environments.
PwC: Leverage Advanced Data Analytics
PwC suggests using advanced data analytics tools and techniques, such as machine learning and natural language processing, to gain insights from structured and unstructured compliance data.
These insights can help organizations identify patterns, anomalies, and potential compliance risks, enabling proactive risk mitigation and informed decision-making.
Data visualization tools can also be used to present compliance data in a clear and actionable manner for stakeholders.
KPMG: Integrate Compliance into Business Strategy
KPMG emphasizes the importance of integrating compliance considerations into the overall business strategy and decision-making processes.
This involves aligning compliance objectives with business goals, ensuring that compliance requirements are factored into product development, mergers and acquisitions, and other strategic initiatives.
By embedding compliance into the organizational culture and business processes, it becomes a proactive practice rather than a reactive one.
EY: Implement Continuous Monitoring and Testing
EY recommends implementing continuous monitoring and testing frameworks to assess the effectiveness of compliance controls and processes on an ongoing basis.
This approach involves automating the monitoring of key risk indicators and control activities, enabling real-time visibility into the organization's compliance posture.
Continuous monitoring and testing also facilitate timely identification and remediation of compliance issues, reducing the risk of regulatory violations and associated penalties.
Thomson Reuters: Prioritize Regulatory Change Management
Thomson Reuters emphasizes the importance of robust regulatory change management processes to stay up-to-date with evolving regulations and compliance requirements.
This involves monitoring regulatory developments, assessing their impact on the organization, and implementing necessary changes to policies, procedures, and controls.
Effective regulatory change management ensures timely adaptation to new compliance requirements, reducing the risk of non-compliance and associated penalties.
Protiviti: Adopt a Governance, Risk, and Compliance (GRC) Framework
Protiviti recommends adopting a comprehensive GRC framework that integrates governance, risk management, and compliance processes into a unified system.
A GRC framework provides a centralized platform for managing compliance risks, controls, and reporting, enabling better visibility and coordination across the organization.
It also facilitates efficient sharing of compliance data and insights, supporting informed decision-making and streamlined compliance efforts.
MetricStream: Leverage Intelligent Automation
MetricStream suggests leveraging intelligent automation technologies, such as robotic process automation (RPA) and machine learning, to streamline compliance processes.
RPA can automate repetitive, rule-based compliance tasks, such as data entry, report generation, and form processing, reducing manual efforts and increasing accuracy.
Machine learning can be used for tasks like document classification, risk scoring, and pattern recognition, enabling more efficient and effective compliance management.
RSA Security: Prioritize Identity and Access Management
RSA Security emphasizes the importance of robust identity and access management (IAM) solutions to ensure that only authorized individuals have access to sensitive data and systems.
Effective IAM controls, such as multi-factor authentication, role-based access controls, and regular access reviews, are crucial for maintaining data security and privacy compliance.
IAM solutions also provide audit trails and visibility into user activities, supporting compliance monitoring and incident response efforts.
Wolters Kluwer: Foster Continuous Learning and Training
Wolters Kluwer stresses the need for continuous learning and training programs to keep employees informed about regulatory changes and compliance best practices.
Regular training sessions, e-learning modules, and knowledge-sharing platforms can help build a culture of compliance within the organization.
Continuous learning ensures that employees at all levels understand their compliance responsibilities and can effectively contribute to the organization's compliance efforts.
By implementing these best practices and leveraging the recommended technologies and frameworks, organizations can establish a robust compliance program that adapts to the evolving regulatory landscape, mitigates risks, and fosters a culture of compliance across the organization.
