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Compliance is evolving and new challenges are emerging. Regulation is now more focused on procedures, principles and culture. Board level oversight is increasingly expected. On top of this, each business has its own developing requirements based on corporate priorities and commercial needs which may vary across markets.
This environment means that the reactive bolt-on approach to compliance rapidly becoming unfit for purpose. Built-in compliance is needed to meet these challenges.
Streamlining requirements into existing processes in plain language creates efficiencies and reduces cost. It can also reduce risk as it will improve understanding of what needs to be done across the business.
The right tech enablers are essential to provide the key pillars to convert these into built-in compliance through embedding, tracking and reporting, and can help future-proof the compliance function.
Watch the video below for how this can be achieved.