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Digital transformation series

Capabilities that help define digital transformation

The process of digital transformation is slow for many groups. Identifying the barriers that compliance and internal audit face regarding digital transformation and understanding how to potentially overcome them can help these functions share in the operational benefits of technology innovation and join the digital sea change in how organizations operate. Learn more in our series from interviews with Shuba Balasubramanian, principal, Deloitte Transactions and Business Analytics LLP, about the digital transformation many functions in your organization.

Why are risk and compliance functions the last to find out about digital transformation?

Organizational leaders often see digital transformation as a path to grow the business, streamline operations, and strengthen customer relationships. Sales, supply chain, research and development, and other functions that directly impact profit and loss are deeply engaged in capturing transformation’s return on investment. As a result, compliance and internal audit are often the last ones to hear about it.

Compounding the problem, compliance and internal audit groups may not yet grasp the speed and scope of digitization underway in the organization. Or, if they are attuned, they may feel more threatened than excited by technology’s potential to change their work, or even replace them.

Digital transformation for the legal and compliance functions

Advancements in digital technology are prompting organizations to reimagine the way they do business. Legal and compliance groups are no exception, as many embrace the need for, and benefits of, digital transformation. Identifying the barriers to transformation and ways around them can be a good first step in launching legal and compliance groups on their digital transformation journey. Next is understanding the capabilities that are involved. Here are five questions for legal and compliance leaders to consider.

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