Consumer and Industrial Products (C&IP) industry compliance
Understand the modernization of C&IP compliance
Consumer and Industrial Products industry compliance programs face remarkably similar pressures in one area: Expectations to outperform competitors while operating ethically. Uncover Deloitte's insights on outcomes of a modernized C&IP compliance program.
- The new imperative in Consumer and Industrial Products
- Outcomes of a modernized compliance program
- Drivers for modernizing compliance
- Plan of action
- Get in touch
The new imperative in Consumer and Industrial Products
While operating in diverse business sectors, C&IP companies face remarkably similar pressures in one area: Expectations to outperform competitors while operating ethically and in compliance with the law. More than ever before, regulators, customers, investors, supply chain partners, and others are scrutinizing not only whether C&IP companies deliver in the marketplace, but also how they do so. Furthermore, the business benefits of managing compliance risk effectively are becoming ever more apparent. In these circumstances, it is clear that having an effective enterprise compliance program has become more than a business necessity—it is now a strategic imperative.
For too long, many compliance professionals have been focused on point solutions and analyzing tactical, transactional data in search of what went wrong. It is time for the compliance function to change its focus from hindsight to foresight, while teaming with the business to enable growth. This will require modernization of the compliance function and approaches to compliance.
Compliance and regulatory functions have the potential for enhanced alignment with business strategy and operations. Closer partnership with business units and corporate functions enables risk intelligence, operating efficiencies, and a broadbased commitment to high performance with high integrity.
Drivers for modernizing compliance
Pressure for change is coming from many directions, including internal challenges, emerging technologies, and regulatory pressures.
- Internal challenges can include lack of executive leadership buy-in, fragmented regulatory and compliance change management, lack of compliance strategic vision, and disparate risk methodologies.
- Emerging technologies can include regulatory technology, specifically cognitive compliance, risk sensing, and automation/robotics-integrated governance, risk, and compliance. Big data and analytics, including increased use of unstructured, high-volume data to drive risk identification and process enhancement.
- Regulatory pressures can include heightened standards and expectations given size and complexity of operations/services, as well as increased regulatory examination and inspections.