Improving compliance management in 2021
Making sure that your people follow business processes, represent brand values and comply with regulations seems like a no-brainer. But as we’ve seen (the handing out of financial penalties for non-compliance recently springs to mind) oversight and checkpoints are not always as robust as they should be. If you need a reminder as to why you need to improve your compliance management in 2021 read on.
Create a more agile workforce
In the past year we’ve seen the need for businesses to be agile. Businesses have to be able to respond to a range of disruptions – whether they are global events, localised consumer changes, new regulations or new competition. Indeed, resets and strategic pivots may be the ‘new normal’.
Building staff competency and capability on a strong compliance management foundation ensures that your business is able to respond to future threats, changes and external factors. Strong governance processes and clear compliance management workflows can help your business be prepared for the unknown.
Build a strong culture
Transparency is one of the key foundations to creating a positive culture. Transparency begins with leadership and extends through your team members to your customers. Strong compliance management strategies and systems can ensure transparency across your company, leading to improved capability, loyalty and employee engagement.
Ensure your staff have bought into the systems designed to prevent compliance breaches and you’ll see:
- Improved compliance outcomes
- Successful mitigation of conduct risk
- A culture where actions display brand values
- More engaged employees
- Satisfied customers
Impress your customers
Your customers may have been negatively impacted by the events of 2020. People are vulnerable and anxious as economic repercussions continue.
Additionally, the Government’s Royal Commission into Banking has left many consumers unimpressed with some of the widely publicised practices of the large institutions.
This year take the time to build trust. Show your customers that your business commits to complying with regulatory requirements and is acting ethically. Showcase the ways your business embodies its brand values and meet – and exceed – your customers’ expectations.
Be seen to be ethical, not taking advantage, and not breaking the rules. Build loyalty, confidence and impress your customers by implementing a strong compliance management program.
Avoid reputational damage and financial repercussions by setting up systems to monitor for breaches followed by supportive remediation to address issues. Businesses, especially those in highly regulated industries, need to show regulators how they are addressing issues. Make sure your system is supported by compliance workflows for easy reporting to address auditors’ concerns.
YakTrak makes compliance management easier.
Contact us today to find out how we can simplify your compliance management in 2021.