Rapidly changing regulations and digital transformations are adding complexity to compliance across all industries. Organisations face challenging times ahead with increasing regulation, the new normal and an expectation that they will maintain compliance without constraining the customer experience. The rate at which the traditional workplace is evolving persists, and 2021 be no different, bringing about drastic changes to how businesses operate.
Accelerated digital transformation is vital to engaging with consumers
Advancements in the digital space are forcing companies to change their business model and adapt to the new market reality. Companies have previously driven the change, but now consumers are demanding the acceleration of digital interactions throughout their purchasing journey. Meeting a consumer’s needs has been central to many business strategies, but technology has not always been the desired method to reach these customers. With the COVID-19 pandemic driving rapid changes to the way we interact, businesses have now gained confidence in adopting digital technology at a more incredible pace.
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Adoption of GRC Solutions
To address challenges like cyber-threats and operational risk management, organisations must actively look for opportunities to adopt innovative governance, risk, and compliance (GRC) solutions. GRC solutions create an opportunity for businesses to enhance operational efficiency, create efficient risk management, and facilitate the decision-making process. Moreover, complete GRC solutions enable fast and accurate risk assessment, gap analysis, and incident response.
Effective Remote Audits
For businesses to ensure they are meeting compliance in a landscape with rapidly changing regulations, a system of internal and external audits become crucial. Advancements in information and communication technologies have made these auditing requirements a reality. In a post-pandemic environment, remote auditing presents itself as a flexible and practical option that reduces the time and costs of on-site audits. Where possible, organisations will likely abandon the traditional on-site audits and favour remote audits as the new normal.
By leveraging digital transformation initiatives into compliance, business owners can keep pace and proactively manage and navigate the ever-changing regulatory landscape. These are just a few trends that businesses should adopt to support the ever-changing compliance regulations’ pace.