It also provides protection from white-collar crime prosecutions, unflattering headlines and massive fines. And above all, it gives your current and future customers — as well as investors — confidence in your company. Let’s look at three key ways that compliance can ultimately boost your company from a business perspective.
Many people think of compliance in terms of what you aren’t allowed to do, but let’s consider what compliance is capable of doing. As a Deloitte report points out: “Organizations will integrate compliance programs from across their enterprise to drive efficiencies … Facilitating integration of compliance programs through greater knowledge sharing, leveraging of common systems and controls and coordination between teams will drive synergies through harmonizing processes and approaches” to the various aspects of a compliance program.
A strategic approach to compliance can help make business processes more efficient. Strategy requires tools to carry it out, and this includes better technology than compliance teams have typically been using. The Deloitte report points out that “the historic approach to compliance across many organizations features specific risk and regulation teams operating in silos, each carrying out its own evolving approach and methodology in response to increasingly complex laws and regulations.”