IT GovernanceRisk Management

Future Trends: What Will Dominate Risk and Compliance?

The COVID-19 pandemic has placed new priorities and responsibilities on the shoulders of risk and compliance professionals. To deliver on new priorities, risk and compliance practitioners must play an essential role in developing a holistic approach to risk management. This can be achieved only if practitioners focus on training, return to work, and ESG (Environmental, Social, and Governance). In this article at Corporate Compliance Insights, Carrie Penman shares insights into recent NAVEX report.

Trends to Expect

Consider Return-to-Work Preferences

After a year of remote work, employers are eager to return to their offices. Returning to work is much more than fulfilling employees’ logistical and ethical requirements. As a business leader, evaluate employee productivity while at home and survey employees about their return-to-work preferences. This will help you make an informed decision. Additionally, expect employees’ concerns regarding social distancing and mask requirements. Your organization must foster a supportive environment to address employees’ mental health concerns.

Take an interest in ESG

ESG’s focus does not merely include environmental and climate risks. You must build metrics around diversity, inclusion, and gender pay structures. Organizations must:

  • Analyze the current business state, determine the associated risks, and map metrics to achieve corporate goals.
  • Engage with key internal stakeholders and establish priorities around strategy, metrics, and goals.

Companies and compliance officers must create a safe, transparent, and diverse workplace for their employees. Experts believe that integration, context, and cooperation will be the best tools for organizations to address risk and compliance in days to come.

Training, A Crucial Aspect

Remote work has made compliance training more complex. In the current scenario, in-person training may seem impossible for many organizations. However, to be better prepared for the future, organizations must:

  • Map out the needs and plans for the future.
  • Ensure executives are aware of the importance of modeling and supporting company values.
  • Learn and be prepared to handle objections to content chosen by the organization.

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