MyComplianceOffice Blog

In 2021, Compliance expects to face a reduction of staff and budget dedicated to its department, contrasting with the current need for better monitoring of employees’ activities and the raising of regulatory enforcement. This year was a time to re-evaluate compliance programs and review processes. Many Compliance departments spent weeks doing so, coming to the conclusion that a more efficient technology is the only way to reduce the cost of its activities, improve the monitoring of employees and transform inadequate Compliance programs.

Why companies are investing in compliance automation in the first place? The automation conversation is being highlighted like never before thanks to the growing interest in the efficiency of compliance activities and the understanding that without technology firms are relying on weak compliance monitoring.

The thought of an employee working from home and revealing company private information is a compliance nightmare and it deeply frights regulators. Working from home increased Compliance fears and created numerous challenges for firms. Compliance had to carefully think over the best way to monitor conflicts of interest, manage the risks around the identification, handling and disclosure of inside information because of the new circumstances.

The coronavirus pandemic has been a significant event, bringing lots of uncertainty to organizations across the globe. Without question there are emerging concerns among compliance officers regarding staff training, resources, controls and the need to keep up with regulatory change. With that in mind, we invited compliance experts to answer three questions and give their views on upcoming regulatory enforcements and compliance in the second half of 2020.

When a company makes the decision to implement compliance software, the steps they take at the very beginning of the process are likely to determine whether they end up with the right technology. Procurement’s strategic sourcing process provides an effective methodology for identifying, comparing, and selecting a vendor, but it cannot be effective without a solid foundation of objectively set specifications and requirements. Without the right process and inputs, regret is just around the corner.