The pandemic has shaken the fundamental concepts of almost every business and compelled them to reinvent their operations. Many companies are still in survival mode and are planning to incorporate innovative measures to get an edge over their competitors. Since the pandemic, legal and compliance risk responses are getting relatively more impactful and tech-friendly. However, there is still a long way to go. Many organizations are struggling to efficiently integrate compliance risk components into their business and modify other commercial strategies. In his article for Gartner, Rob van der Meulen shares tips that can help you assess compliance risks beforehand.
Legal and Compliance Risk Themes That You Should Know
Transforming Legal and Compliance Risk Prospects
The mindset and vision of stakeholders have changed significantly since the pandemic. They are looking for methods to enhance their business with the latest entrepreneurial advancements. It has become crucial to understand the market needs and modify your products and services accordingly.
New Employment Deal
The relationship between employer and employees has changed considerably, and it has impacted the compliance risk factors. Legal and compliance are responsible for ensuring flexibility and equality in the workplace. Discuss a new policy framework that optimizes the overall performance of the employee with your legal and compliance departments.
Geopolitical Competition
The pandemic has amplified globalization, and that indirectly led to excessive geopolitical competition for government projects. The increasing gap between the public’s demands and the government’s projects has put companies in disarray. Corporate flexibility has become a vital tool to tackle geopolitical business competitiveness. It also helps companies deal with the increasing impact of trade, ransomware, and cybersecurity.
Expanding Technological Revolution
The legal and compliance risk factors are primarily driven by data infrastructure and autonomous decision-making. The advent of AI governance and data mapping has increased the responsibility of CIOs and digital executives. It has become necessary for C-suite officials to work closely with digital strategists.
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