The market outlook for 2017

May 9, 2017

The compliance industry is constantly changing as companies rise to the challenges of new legislation and the expectations of their clients, employees and shareholders. Amidst these constant changes, we believe there are five essential things the compliance function must do to drive success in 2017.

1. EMBRACE TECHNOLOGY

No matter the size of your organisation, compliance needs technology to be more efficient and effective. Technology can provide you with a holistic overview of your compliance programme, with real-time information and reports on your programme’s activities. It can serve as a record of your compliance programme documenting changes systematically, creating an audit trail and ultimately, allowing you to concentrate on compliance activities that software cannot supplement. Technology significantly expands the arsenal of tools you can use to drive greater compliance success.

2. OUTSOURCE ADMINISTRATIVE COMPLIANCE TASKS

As organisations seek to save on operational costs and focus on revenue-generating activities, they look to outsource time consuming and resource intensive administration tasks. Minimise your overall headcount cost without compromising on quality or efficiency than to outsource.

3. EDUCATE YOUR ENTIRE WORKFORCE

Your workforce, equipped with the latest compliance training and mobilised by a strong compliance culture, is your greatest line of defence against acts of maleficence. You need to equip your people with the necessary skills and understanding of compliance and couple with a culture of accountability across your organisation. This then will you meet your compliance objectives.

4. BUILD AN AGILE AND SCALABLE PROGRAMME

More and more companies are being prosecuted for compliance failures, and many of these failures involve third parties engaging in corrupt business practices on behalf
of companies. To stay one step ahead companies need to deploy a third party risk management programme that is a suitable size and complexity for their organisation and ensure that it is both scalable and sustainable. An agile third-party programme is the most effective as it can scale up and down required by your third party.

5. UNDERSTAND INDIVIDUAL RESPONSIBILITY AND LIABILITY

Since the Yates Memo, focus on personal liability has increased and this is set to intensify. This increased pressure could affect resources and impact on an organisations ability to recruit and retain talent. To stay ahead of this organisation’s need to ensure their people are aware of regulatory changes and fully understand what they mean for them. A strong culture of compliance and adequate tone from the top is essential to improving awareness and understanding of liability.

This is an extract from The Red Flag Group Annual Report 2016/17. To read the full report please click here

Additional sections of the Annual Report 2016/17 include:

Our 10 year anniversary and The Red Flag Group in numbers

Founded in 2006, the Firm has evolved and rapidly grown to meet the needs of our clients, developing cuttin...

Product developments 16/17 - IntegraCheck® | Integrity Due Diligence

IntegraCheck® I Integrity due diligence offers access to our knowledge, guidance and advice based on the cl...

The market outlook for 2017

Previous Article

Next Article

The market outlook for 2017

Previous Article

Next Article

Other content in this Stream

The Risk Analyser built into the Supplier Integrity® platform gives clients a well-considered risk score based on over a decade of research and business intelligence. This score helps organizations...

IntegraAlert® | Integrity and Risk Monitoring, a simple subscription service that helps you to extend the life of your IntegraCheck® Due Diligence reports by providing ongoing monitoring...

Effective procurement and purchasing processes are vital for any company. If these processes are slowed down or delayed, it can cause ripples throughout a company’s entire supply chain...

Since the client had plans to add more users and expand geographic focus, we helped them increase global standardisation around third party risk management.

We created a more consistent risk-based approach across the global business owners and processes to enhance global oversight from the compliance department.

IMDEX, leading global mining equipment, technology and services company was looking for additional review, assessment and remediation of the compliance risks facing the company’s third parties.

We worked to understand the infrastructure and systems in their highest risk business units. We suggested they use their internal systems to implement all or part of the programmes.

With the imminent commencement of the European Union’s General Data Privacy Regulation (GDPR), companies are struggling to bring their privacy programmes up to the new standard...

Gifts, Travel and Entertainment (GTE) webinar

Our new training platform ushers in a new era in ethics and compliance training with an adaptive learning system designed to deliver only the most relevant content to each learner.

There is no doubt that having a secure, accessible and anonymous ethical hotline in place is an essential and effective tool for reducing misconduct in an organisation.

This year we have created a new business unit, Information Services, to focus on gathering the data that our clients need to properly manage their compliance risks.

Our focus as an organisation is targeted at evolving the ComplianceDesktop® | Compliance Technology Platform and making it an intuitive and flexible solution to manage all aspects of compliance...

In this coming year, we will be introducing IntegraCheck® | Integrity Due Diligence 7.0 to further meet our clients’ specific needs...

This changing environment gives an insight into why this personal communication channel would be perceived as private and secure by potential whistleblowers in the Asia-Pacific region.

Before whistleblowers report illegal activity within an organisation, they will first weigh up their safety options and determine what is at stake for them...

People who live in Europe tend to hold ISO (International Organisation for Standardisation) standards in very high regard and the same can be said for people in most developing and recently...

A simple, affordable and intelligent hotline platform that enables you to instantly take action and follow up a case, wherever it comes from, while ensuring you are compliant to any local...

The former best practice of burdening business teams with managing time-consuming onboarding tasks may be ending. While the business owns relationships with its third parties...

App-based hotlines or helplines can be more reliable and user-friendly than those serviced by human beings. For the compliance industry, this provides an exciting opportunity to maximise security...