With the DOJ Evaluation’s emphasis on operationalizing your compliance regime, innovation is an important tool for you to use in this journey, yet one that is too often overlooked.We have considered a variety of innovations in compliance; from innovations in structure, use of social media tools and concepts, to new and different ways to consider your internal resources as ways to innovate in your compliance regime. The DOJ has consistently said that a compliance program must evolve. It must evolve to meet new or updated risks, new opportunities or different regulations. Innovation is one of the best ways to evolve. Finally, and perhaps most importantly as a compliance practitioner, always remember that you are only limited by your imagination.
Three key takeaways:
- Innovation is one of the most overlooked and under-utilized tools in compliance.
- Operationalizing your compliance program will require innovation in your compliance program going forward.
- As with most CCO initiatives, you are only limited by your imagination.