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In today’s multifaceted regulatory environment, ensuring that any organization remains ethical and compliant has become more challenging than ever. With regulations and enforcement increasing worldwide, complexity of operations, exploding volumes of information to manage, and limited budgets, compliance teams are struggling to stay current.
In addition, an uncertain economy means teams must make do with the resources they have, even when they’ve got more on their plates. They must ensure that they are complying with anti-terrorism, anti-corruption, and anti-money laundering laws in every jurisdiction where their organizations and partners conduct business.
Another big challenge: For some regulators, communicating regulatory information and providing training sessions is no longer enough. Compliance officers are increasingly being asked to prove that their controls are working and that the compliance and ethics programs are entirely effective. Providing such evidence requires the use of sophisticated digital tools, platforms, and analytics, and many departments lack the resources and expertise to implement such technologies.
Given the enormous constraints compliance officers face, what can they do to keep up with changing rules and emerging risks across the vast regulatory spectrum and ensure that their organizations consistently follow them?
This Strategy Guide provides five best practices that compliance experts recommend for creating an agile, robust compliance program — one that adapts quickly to change, uses enterprise resources efficiently, and demonstrates to regulators and organization leaders alike that controls are keeping violations at bay. It concludes with a handy checklist outlining strong, regularly updated capabilities that any sophisticated compliance program requires.