‘Compliance can be a moving target with constant regulatory changes in economic, industry, and operating conditions’. – Jane Taeger (Director of Compliance at Samuel Shapiro & Company, Inc)
5 Essential Truths
- Aggressive regulatory enforcement continues.
- Ongoing uncertainty about new regulations and legislation.
- Regulation is driving new ways of doing business.
- Strong compliance effort, rooted in understanding regulations, can create a competitive advantage, focusing on upside to compliance risk.
- Get ahead of regulation by embedding compliance activities into day-to-day business operations - regulatory compliance is not only of concern to the legal department.
5 Immediate Check Points
- Do you continuously monitor your compliance to priority pieces of legislation?
- Are you proactively influencing legislative developments that impact on your business?
- Do you make it a habit to follow regulatory activities globally as these will become relevant in a local context?
- Are you responding to legislative changes before enforcement becomes a practice (e.g. Protection of Personal Information Act)?
- Are you integrating risk, compliance, and control activities with a focus on unlocking value?