Compliance – Changing with the times
In the world of business, adhering and staying ahead of all the compliance norms might seem challenging and tedious. Whether it’s the financial downturn or the increasingly unstable political upheaval happening both close to home and across the Atlantic, there are more minefields facing compliance officers than ever before. Fortunately for everyone involved, we live in an age where technology and understanding are better than ever and so implementing new ways to understand compliance and stay on top of it is easier than ever.
The world we live in has shifted over recent years especially in terms of attention span. Therefore, the trend of top organisations across a plethora of domains, switching and strengthening their social media presence is rather anticipated. Whether it’s a bank or a local shop, all businesses have Facebook pages, Twitter accounts, blogs, YouTube videos, Instagram accounts, and much more. This brings with it a host of new compliance issues and many companies are falling behind in this area.
1. Going social
Contrary to popular belief, it is only social media that has changed. The way we communicate has shifted drastically. While it was once emails and phone calls that topped the list of business communication tools, we’re now just as likely to use Skype, LinkedIn, Slack, and numerous other means to speak with one another.
The times when emails and phone calls were looked at as primary means of business communication are far behind. Every organisation, notwithstanding its industry, is just as likely to use Skype, LinkedIn, Slack, and numerous other means to communicate. As far as social media is concerned, it is important to look at the glass half empty too. Regardless of its numerous benefits, social media isn’t the safest way to connect and communicate. Therefore, regulations and compliance seem to be playing catch up with how compliance should work within these areas.
One of the simplest things that compliance professionals can do is to make sure that rules are being followed and the company is safe and works alongside other departments to come up with good practices and even technology that can watch out for pitfalls and take necessary steps to avoid them. While compliance professionals cannot be expected to understand how to develop apps and techniques that will keep the company safe, it is also unfair to presume that the tech geniuses will be able to research this and make simple apps to do this on their own. The best thing is for compliance professionals to work alongside the developers and this would imply that all your compliance norms are met owing to cooperation and understanding amongst compliance professionals and developers.
2. Create a collaborative task force
TalenTeam specialises in helping firms set up collaborative task forces to work on developing new applications that will keep the company safe from non‐compliance issues. This often goes hand-in-hand with effective training and methodology for
your employees to follow. ‘Teaching’ compliance is one of the best ways to keep up with the latest regulations as it ensures you are constantly keeping up-to-date with what is happening and that the information is still relevant.
It is not only communications that have changed of late. Technology is making it easier for data to be analysed without the need for human interference. Using technology to change the way we look at data can help us create a much clearer picture. Just like with communications apps, this needs to be done in collaboration with compliance.
3. Individual scrutiny
TalenTeam specialises in helping firms set up collaborative task forces to work on developing new applications that will keep the company safe from non‐compliance issues. This often goes hand-in-hand with effective training and methodology for
your employees to follow. ‘Teaching’ compliance is one of the best ways to keep up with the latest regulations as it ensures you are constantly keeping up-to-date with what is happening and that the information is still relevant.
It is not only communications that have changed of late. Technology is making it easier for data to be analysed without the need for human interference. Using technology to change the way we look at data can help us create a much clearer picture. Just like with communications apps, this needs to be done in collaboration with compliance.
4. Stay up-to-date
The most important thing that companies can do to stay on top of compliance is to keep up to date with procedures and take time to implement new regulations within the company itself. While it may seem daunting, there are many ways that technology and HR can work together to make the overall task much easier. Once companies have responded and adapted to the big changes that have occurred of late, it will be easier to manage further changes going forward.
About the author
Sandeep Nahata is CEO and founder of TalenTeam
and an expert in implementing industry-specific
workplace technologies that enhance employee experience.
Contact us
For more information on implementing learning technologies in highly regulated environments talk to the experts at TalenTeam.