Have you ever thought of compliance as an ecosystem? When you consider the concept, it becomes clear that this is one thing every company should strive towards. Obviously, every multi-national company must have a compliance program. But to have true effectiveness, your compliance program must be operationalized throughout the organization. One way to facilitate this is through the ecosystem concept.
There is another way that this ecosystem approach can make your compliance program more effective. Think about the third parties your company has both on the sales and the supply chain side. If you could work to create a closer ecosystem with those stakeholders from the compliance perspective, it would not only make the business relationship stronger but also make the entire business process more efficient.
2020 has brought a paradigm shift to corporate compliance as a result of technological and digital innovation. CCOs who cannot interpret the data from their own systems will likely find themselves consigned to the dustbin of corporate luddites. Compliance will be moving into a new era of collaboration and connection to more fully operationalize compliance to make all business stakeholders more efficient and at the end of the day more profitable.
Three key takeaways:
- A compliance function’s customers are a variety of stakeholders.
- Compliance can improve business processes.
- A compliance ecosystem can help to operationalize compliance.