Compliance Management in a Post-Pandemic World

COVID-19 has ushered in significant regulatory and business change over a short time — from remote working to new compliance requirements — and organizations have been forced to adapt quickly.

Events like pandemics have lasting impacts on society, and it’s reasonable to assume that many of these innovations and changes are not going away. As a result, it’s imperative for organizations to modernize their approach to compliance management.

Business environments and operations have shifted, particularly in the areas of employee communication and governance. Work-from-home policies have accelerated some organizations’ adoption of technology but have also created more risk, and the traditional ways of managing compliance and risk don’t cut it anymore.

Regulatory bodies are not unaware of these emerging risks and changes as organizations navigate having less control of staff interactions and the flow of information. The flood of new regulatory updates during the pandemic has already overwhelmed many compliance programs. Making the case for an integrated governance, risk management, and compliance (GRC) framework is more important now than ever.

Compliance management is too often siloed within departments and left to back-office functions. To keep pace with emerging compliance risks and requirements and understand their interconnectedness throughout the business, organizations need an integrated and collaborative approach.

A GRC management system that provides complete visibility of compliance risks scattered throughout the extended enterprise enables far more efficient and effective assessment processes. By developing improved data access and workflows, organizations can respond to an emerging event with greater agility and promptly deliver important information to all relevant stakeholders.

Modernizing compliance management across your organization will help you successfully navigate a post-pandemic world and future disruptions. An integrated, technology-enabled approach to GRC helps improve risk awareness, monitor regulatory change, and involve employees in maintaining a strong compliance and risk culture.