The Future for Compliance – Best Practice and Delivering Value
Establishing a new Compliance dimension
In the introduction to this paper we spoke of the substantial refocus in the mindset, skills, and delivery of the traditional Compliance Department in order to achieve the required transformation to become a leading Compliance Department.
Aligning Compliance with the business strategy and expectations of the major stakeholders is a key step to this objective as are all of the other areas covered in this paper. However, the whole transformation needs to be achieved in a manner which brings to the fore a complete new dimension for Compliance.
The success of bringing about the change will be as dependent on the manner in which the change is brought about, as on the change itself. Those Compliance Departments which commit to a full-scale change program will have the greatest chance of success. Those which decide to be cautious and bring about change on a gradual basis will lose momentum.
Implementing new methodologies and investing in new technologies for Compliance will probably effect the greatest and longest lasting change. Traditionally, these two areas have not received the focus they deserve from Compliance Departments which have been characterised, in the main, by deep technical specialists, rather than visionary business thinkers. Investing here will be just as important as investing “good” compliance cost in new resources and new skills. Methodologies and technology can be valuable in bringing about change as they will both drive and enable change rather than allowing the change to occur at just a superficial level.
Investing in people – new resources and new skills – will probably bring about the second greatest change. As we will discuss later, achieving the right blend of skills, old and new, will be a catalyst in achieving the transformation
particularly of mindsets within Compliance and the business.
So, in the sections that follow, the new dimension will be as important as the changes that are described. Project management and timely implementation will be key.