Win Support for Compliance Risk Management
Process innovation is on the rise, but it is still undergoing significant evolution.
Accenture recently released its 2014 Compliance Risk Study, which reveals some significant findings—namely, that compliance risk management is still struggling to justify its place at the table.
The million dollar question remains: how can compliance teams continue to gain influence and grow their impact within their organizations?
A recent Forbes article, Earning (And Keeping) A Seat At The Table Is Critical For Compliance Risk Management, suggests that "further investment in compliance is needed to achieve strategic goals." Here are three ways you can make it happen.
- Grow by demonstrating value
- Communication makes all the difference
- Compliance doesn’t have to be a dirty word
Fraud prevention is a key area where compliance makes a difference. Organizations lose five percent of their revenues to fraud every year—and the industries that are the most affected are banking and financial services, government and public administration, and manufacturing.1 By putting compliance practices in place that help to lower this number, these regulatory reports more than earn their keep.
There's no such thing as oversharing when it comes to compliance communication. Your company's leadership won't know what you do unless you tell them. Don’t wait—taking the initiative demonstrates how compliance works to protect your company and its officers. When people see numbers, they are more likely to convert. Running reports that match what your leadership cares about is a good way to encourage productive conversations.
Internal compliance can get a bad rap as the group that is always delivering bad news. Developing policies that are easy to use and understand will help change this negative reputation. By keeping your employees in mind when writing these policies, you have a higher likelihood that they will be followed.2 Make it easy for employees to ask questions and get help when they need it.
Making the case for compliance can be boiled down to three things: value, communication, and clarity. By sharing your knowledge clearly and concisely, your company's leadership won't be able to ignore the value of compliance. Pair it with strong supportive data and the your team will be able to impact the decisions made within your organization.
1"Report to the Nations on Occupational Fraud and Abuse." (2014). Association of Certified Fraud Examiners, Inc. Retrieved from http://www.acfe.com/uploadedFiles/ACFE_Website/Content/rttn/2012-report-...
2Brown, S. (2013). "Ten Reasons Why Companies Should Value Their Chief Compliance Officer." Retrieved from http://www.ethic-intelligence.com/experts/5164-ten-reasons-companies-val...