Tips for Managing Your Compliance Program in a Dynamic Business Environment
The state of compliance is in flux. And that’s not just because we’re in the middle of a pandemic. Sure, there’s been an increase in regulatory upheaval, OIG guidance, and new CMS updates. And sure, organizations are being asked to rethink their approach to managing and automating compliance processes, projects, and tasks. But the truth is, as compliance professionals, a state of flux is nothing new. Take our Annual Compliance Program Benchmark Report, for instance: last year, the number one challenge compliance officers suggested they faced was “keeping current with the increased volume of new laws and regulations.” And that was before the COVID-19 pandemic.
In order to keep current with new laws and regulations (during a pandemic, or when we’re on the other side of it), and to effectively navigate chaos, organizations will need the ability to provide a robust system of records, in a defensible audit trail of all their compliance activities and interactions. Compliance departments should also ask themselves the 3 Fundamental Questions on Compliance Programs, from the DOJ:
- Is the corporation’s compliance program well designed?
- Is the program being applied earnestly and in good faith?“ (In other words, is the program adequately resourced and empowered to function effectively?)
- Does the corporation’s compliance program work“ in practice?
In short, demonstrating and delivering on a fully-formed culture of integrity and compliance, organizations can’t just check boxes and move on to the next task at hand. Instead, they will need to cross every “T” and dot every “I,” and become a part of the fabric of their business behavior.
To take it one step further, Michael Rasmussen, The GRC Pundit at GRC 20/20 Research, a sought-after keynote speaker, author, and advisor noted as the “Father of GRC,” The GRC Pundit at GRC 20/20 Research, a sought-after keynote speaker, author, and advisor noted as the “Father of GRC,” recommends having a thorough understanding of the core principles of agile compliance management, which are:
- Understand your risk.
- Approach compliance in proportionality of risk.
- Monitor the risk and regulatory environment.
- Tone at the top.
- Know who you do business with.
- Keep information current.
- Compliance oversight.
- Manage change.
According to Mr. Rasmussen, once compliance programs master these principles of an agile compliance management, they’ll enjoy a number of benefits, including:
- Ease of configuration to adapt to a changing regulatory and compliance environment
- Compliance managed as business, processes, and roles change and evolve
- Streamlined agility in business change
- Quickly identify needs with new obligations, roles, responsibilities, tasks
But let’s be honest, reading a list of principles, and the benefits you might enjoy from them, is very different from actually putting them into practice and truly experiencing the fruit of your labor. Which is why we’re thrilled to announce that on December 9 at 1 PM ET, Mr. Rasmussen will be hosting an upcoming webinar with us titled, “Managing Compliance in a Dynamic Business Environment,” where in addition to helping you put those principles into place, he’ll also discuss:
- Expanding Compliance Concerns and Challenges
- Strategies to Manage Compliance in Today’s Dynamic Business Environment
- Delivering Efficiency, Effectiveness, and Agility Using a Compliance Management Platform