Innercompliance ~ Future of CIO

In fact, ensuring and overseeing legal compliance is an essential part of senior leadership roles, as a good reputation to be seen as a good corporate citizen is one of the biggest assets of a company and most definitely a value creator.

Compliance should influence the level of performance of all the members of the company from top down: There’s a correlation between corporate governance and performance. Wisdom in the workplace means to have work ethics and a positive mindset, dealing with the situation intelligently, wisely and being impartial. Compliance with government regulations is a key external driver and the legally required must-do tasks for business today. Conformance without performance adds very little to the multifaceted business value.

Leadership sets the tone for GRC. Thus, senior leadership teams need to make an objective assessment: What compliance element measures leadership team’s effectiveness or the skill level of team members? What compliance measure tests the level of integrity of managers to ensure that they will make full disclosure when conflicts of interest arise? Etc. Engaging with varying stakeholders to meet obligations in social responsibility will decide business decisions and options to meet laws & regulations, etc.

A good compliance system must have morals and ethics incorporated into it: The effective compliance tool monitors change, enables information accountability, audits, measures the impact, and implements appropriate corrective actions to improve corporate maturity! Compliance needs to be proactive! Organizations must seek a process for collaboration, accountability, and most importantly, integration.

Do regulatory risk analysis to help corporate management anticipate both the current and likely future laws and regulations that might affect a company’s operations, in order to prevent risks and improve business effectiveness.

Compliance should be in the frontline of developments to provide guidance to the business: Ensuring and overseeing compliance is an essential part of the governance. Compliance at the strategic level, requires a forward-looking strategic perspective to deal with unprecedented uncertainty and ambiguity; a common process to deliver real-time accountability and transparency across regulatory areas with a common system of record.

Compliance should be in the frontline of developments to provide guidance to the business, not only what they cannot do, but they can also point into the direction of alternatives and opportunities within the regulatory frameworks to lead business growth and improve business agility.

Compliance is the management discipline of designing and implementing effective steps to ensure that the organization actually complies with the laws and regulations relating to its operations. From reactive compliance to proactive commitment compliance for meeting legal, regulatory, corporate requirements is a strategic transition to improve organizational maturity.