Have you ever said or heard these phrases in your organization?
“We don’t have time to overhaul our system.”
“I didn’t get enough training to do this task.”
“Customers don’t like the new process, but it’s a requirement.”
Compliance is a persistent challenge for supervisors and board members. Rapidly changing regulations require continued oversight and quick decision making. The processes you implemented in the last quarter may not be applicable anymore. Emerging technologies cause shifts in customer expectations and demands. Non-compliance can result in penalties, loss of revenue, and diminished public trust.
With all these responsibilities to juggle, in addition to employee management, third party vendor monitoring, and customer service, supervisors and board members may feel as if they’re always on the defensive. Responding to compliance requirements is unavoidable, but a well-positioned risk framework is the basis for success. In addition, a leader’s reaction sets the tone for the process and fosters an attitude of resilience. When new regulations necessitate new risk compliance initiatives, be sure to remember these key points:
Keep the Mission in Mind
Your company mission underscores every decision you make. Don’t risk losing business opportunities with short-sighted and reactive decision-making. Make sure your compliance benchmarks benefit the patrons of your organization. Consider the “why” of your compliance mission and build from there. Ask yourself what drives what you do each day. Most importantly, focus on how to give customers the best experience possible while remaining compliant at the same time.
Take a Commonsense Approach
Fear is a powerful influencer, but do not alter your business model because of it. Doing so could risk employee resistance, customer frustration, and oversight issues. Perform ongoing evaluations of your processes and train staff on new guidelines as they emerge. Build resources internally so compliance is not a stressor, but an evolving part of the risk framework. Establishing a solid foundation of skills helps your employees adjust to incremental changes. Allow employees to take the lead in new projects and manage expectations to ease transitions. Clear guidance builds trust among your team!
Regulation changes on an organizational and legal level are inevitable, so it’s important to be proactive. Project future compliance requirements and begin to address issues now. Collaborate across departments and with other professional entities to share ideas and strategy. Look for organic opportunities for growth instead of relying on the same methods. Remaining in compliance takes time and financial investment. Understand how these elements will impact day-to-day operations and employee workload. To encourage successful implementation, make compliance requirements part of routine business, not another task on the to-do list.
Want to become risk resilient? Are you ready to end complacency and foster trust? Get your team talking with one of our programs and let's get started!