MyComplianceOffice Blog

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.

One of the top reasons enterprise decision-makers give for not wanting to work with procurement is the time required to complete the sourcing and vendor selection process. Why is it necessary to have a long, formal evaluation effort when you already know which compliance software provider you want to work with? Can’t procurement just help push through the contract? The frustration with procurement delays is especially pronounced in an era when eCommerce makes nearly any good or service available to us at home within 48 hours, and when SaaS compliance technology can be ‘turned on’ instantly.

Over the last decade, many scandals in the financial services industry have shined a light on the importance of employee conduct and exposed misconduct as a major factor in these scandals. Since then, many financial institutions have being working to boost their risk and compliance efforts. 

Digital transformation is a trend term that we hear a lot among businesses. However, this so-called transformation hasn’t arrived yet in most of the compliance departments. Organizations are implementing digital transformation in other areas, but why not in compliance departments.