In today’s intense regulatory climate, compliance is one of the things that we all have to deal with. The reality is that new government regulations pop up every year, leaving many organizations more vulnerable to compliance risks. While the importance of governance, risk, and compliance is well known, statistics show that 57 percent of senior-level executives consider “risk and compliance’ as the top two risk categories they are least prepared to address.
To avoid facing financial, legal, and other consequences, organizations must have a strong culture of compliance. Like many other facets of an agile organization, building a culture devoted to regulatory compliance doesn’t start from the bottom – it starts from the top. For employees to consistently follow company policies and procedures, there has to be strong leadership in place.
Difference Between Thought Leadership And Regular Leadership
It would be much easier for you to improve compliance with thought leadership than with regular leadership. The important question here is – what separates regular leaders from thought leaders?
Firstly, thought leaders are those who are acknowledged as experts in a particular industry, business network, or a community of followers due to their education, knowledge, experience, insights, or special talents. Unlike regular leaders, thought leaders have philosophies and opinions that can influence the attitudes and thoughts of others.
How To Improve Compliance With Thought Leadership
Being compliant means complying with all the regulatory laws that have been put in place. There is often too much at state to risk getting compliance wrong. Therefore, it is important for you to take all the necessary steps to ensure that your business is fully compliant. The following are the steps to take to improve compliance with thought leadership:
1. Assess The Risks
Identifying the risks that your business could face as a result of noncompliance is an important first step. Risk factors will vary depending on a number of factors, including the type and size of your business and the industry in which you operate.
To identify the risks facing your company, you will need to perform risk analysis at least once a year. During the procedure, you need to assess all types of data you collect, process, and store, as well as all the devices, networks, and systems that you use to do so.
Finally, your annual risk analysis procedure should also involve analyzing the risk of a potential data breach. You can do this by multiplying the probability of a data breach to occur by the potential financial impact on your company. Doing this will allow you to set up the policies necessary to mitigate potential risks.
2. Perform Regular Audits
Another step to ensuring that your business remains compliant is reviewing your data, documents, and accounts on a regular basis. Ideally, you should perform compliance audits on at last a yearly basis.
When conducting an audit, you should keep an eye on your files’ history and ensure that any changes that are made to the files are correctly recorded. Doing annual audits will not help you to comply with statutory regulations and regulations, but it will also enable you to unearth potential problems or areas to improve.
2. Sort Out Your Documents
When it comes to compliance, it definitely pays to be more organized. You should not only store key files and documents in one convenient place, but you should also ensure that they are segregated to make it easy for you to access and retrieve them.
Sifting through endless folders and files to find the information that you need doesn’t sound convenient by any means. The easiest way to ensure that you will easily access and retrieve key files and documents is by storing them electronically.
3. Encrypt Sensitive Data
Cybersecurity is one of the major concerns for many businesses today. At a time when hackers are increasingly launching cyberattacks, business leaders must take all crucial steps to protect any data their businesses may have to ensure that they comply with data security laws. If you haven’t done so already, there’s no better time to think seriously about cybersecurity than now.
To keep any company data safe, you should ensure that they are adequately protected with a suitable level of security. One of the best ways to protect electronic data is to restrict the files to only those users who are authorized to see them through data encryption.
In the ever-changing digital world, ensuring that your company makes use of suitable software to manage all your compliance processes is critical. As the cybersecurity compliance program of your company matures, you will need to consider automated solutions that can the auditing and monitoring processes easy.
Do you want to learn more about how to improve compliance in your company? Don’t hesitate to reach out to the experts so you can get advice on how you can improve compliance with thought leadership.
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