Like death and taxes, regulatory change is pretty much inevitable. How you manage this change can help ensure compliance throughout your organization. Here are some issues to consider as you plan for regulatory change and how you will handle it:
- Lax compliance during the pandemic in 2020 may have introduced hidden risk for activities that normally would have had deeper oversight.
- When communicating change across the enterprise, establish responsibility to manage it.
- If conducting quarterly testing of compliance requirements, it may be challenging to identify key areas in advance that could slip, such as controls around IT/cybersecurity.
- Companies should shift to best practice or common checklists that can be standardized and shared across the enterprise.
- Historically done manually in-house by visible teams, monitoring and testing for compliance purposes may be conducted remotely.
- Verifying and certifying online training for remote employees can be challenging. Create training programs specifically addressing regulatory changes and how to comply; make sure that everyone, including remote workers, participate.