Risk and Compliance Blog

10 Reasons to Fall in Love with Compliance

Written by MCO Marketing | Feb 10, 2020 10:30:00 AM

We know the compliance function can be demanding and your list of responsibilities and duties is laborious. You must face different challenges every day to keep your employees and firm compliant and yourself knowledgeable with all changes requested by regulators. 

This Valentine's day, MCO has decided to ask some advice to the Compliance Cupid so you can apply its useful tips when implementing policies, procedures and setting conduct standards in your organization. It includes some wise suggestions on how to develop effective lines of communication with your team and department. 


Now, picture yourself running arm and arm through the regulations and the rules, gazing longingly at contract consolidation with your colleagues, even cuddling up around the compliance calendar. See, compliance doesn't have to be complicated. Our advice for this Valentine’s Day is to read below 10 great reasons to fall in love and improve your compliance program.

Spontaneity

Thankfully, we’re not teenagers anymore and we appreciate maturity. Cupid points out that it is important to follow the processes and procedures if you want to enjoy a happy compliance relationship. We don’t like surprises unless it’s chocolates, we like chocolates.

Feeling Secure

The ultimate sign of a great relationship is that wonderful sense of security. The Compliance Cupid reminds us that the smallest hole can sink the biggest ship, so make sure your program is watertight and 100% secure. Bizarrely, Cupid mentioned you should specifically look for encryption on your data-at-rest (and would you believe we offer this).

Arguments

A healthy relationship will have challenges and inevitably issues will crop up along the way. Cupid recommends an open and honest environment where we help each other. When that doesn’t work, make sure you have a super-strong case management system. This means you can say “I told you so” but please resist the temptation!

Agreement

New relationships are exciting and everyone loves the anticipation of how great the future might be. The Compliance Cupid has some serious experience when it comes to relationships and has seen the ups and the downs (haven’t we all!). Cupid recommends that we always do a risk assessment to get a practical perspective on our proposed partners.

Boundaries

The strongest relationships are built on good rules where everyone knows the boundaries and their responsibilities. The Compliance Cupid recommends that you set the rules of your compliance relationship early and make sure they are operational. Now, who’s the boss! Let me hear you say it? Compliance rocks!

Accountability

Responsibility is important in any relationship, cupid says. As you cannot do everything alone, you should not also be accountable for everything by yourself. Make sure the team knows their responsibilities and work towards accomplish their duties. Discuss with your team their individual expected acts and behavior when facing diverse situations, setting scenarios when around the discussions will help accountability at work, balance is important so don’t forget to give employees autonomy in their roles.

Commitment

Does it feel like you’re ready to take that next step? Cupid has been around for a while and reminds us that all good relationships are based on good contracts, preferably stored on a cyber security system with easy access.

Honesty

Cupid knows that honesty is the best policy. It’ll improve your sleep, help you concentrate on your work and make the world a better place in which to do business, serve your company and make life better for your customers.

Teamwork

You should not feel you have to do everything alone. You can improve your compliance program by allocating time to work with your colleagues and discuss ways to improve the compliance function of the organization. Together you can improve the rules and policy in place to help employees to comply.

Novelty

That is a difficult one in every relationship! How to bring novelty in this compliance relationship? Cupid says that bringing creativity to your department meetings and training will spice up the relationship. You can do that by changing the meetings and training location. What about going to a cafe instead of a boarding room? Showtime! Why not ask another team member to lead the meeting in advance, every person in the team could contribute.  

We hope these suggestions and wise tips from the Compliance Cupid helps you to improve your compliance program and make your list of responsibilities less complicated.

If you need a solution to automate the compliance function and mitigate potential risks contact MCO today to know more.