In today's corporate landscape, compliance has transcended its traditional role as a regulatory checkbox. It has emerged as a critical pillar defining an organization's ethical fortitude and strategic advantage.
Yet, 59% of compliance professionals indicate that internal resistance and a lack of compliance culture is their biggest headache.
So how do forward-thinking compliance managers address this concern and work towards a culture of compliance throughout their organisation?
Or, as one of the panellists expressed it, how to be seen as an enabler rather than a bottleneck?
The webinar hosted by Afriwise on 28 November 2023, titled "Shift the compliance mindset: How to secure round-the-clock compliance," turned into a profound dialogue among four industry leaders, shedding light on the intricate dynamics and transformative potential of effective compliance management.
Unveiling the Compliance Odyssey: A Strategic Imperative
Alison Lee, CEO of CCASA, set the stage by articulating the meticulous journey toward establishing a robust compliance program. Lee's insights emphasized the substantial effort required: "A compliance program takes a long time to plan, plot, construct, and embed within your organization," she highlighted. This meticulous approach serves as the bedrock for fostering a compliance culture rooted in a comprehensive understanding of applicable laws and regulatory landscapes.
Bridging Compliance and Business Realities: Strategic Integration
Vishala Panday, Head of Ethics and Compliance at Barloworld Equipment, echoed Lee's sentiments while advocating for a paradigm shift in the skill sets of compliance officers. "As a compliance officer, upskill yourself. Learn new skills to translate your expertise into business reality," Panday emphasized. Her focus on communication in the language of business underscored the need for a symbiotic relationship between compliance initiatives and broader organizational objectives.
Orchestrating Compliance Integration: Collaborative Partnerships
Khaladi Montja, Executive Head of Compliance at Vodacom, navigated through the operational intricacies of harmonizing compliance with business operations. "If your compliance program is not integrated into the business, it does not work," Montja reiterated. His emphasis on active participation within the organizational framework underscored the pivotal role of compliance officers as strategic partners, actively engaged in understanding business nuances and collaboratively mitigating risks.
The Intersection of Technology and Compliance: A Paradigm Shift
Steven De Backer, CEO of Afriwise, offered a visionary perspective on the role of technology in reshaping compliance landscapes. Debunking the notion that technological advancements are exclusive to larger corporations, De Backer highlighted the availability of cost-effective solutions. He prophesied the advent of AI-powered, machine-readable regulations as a transformative milestone, revolutionizing compliance by enabling rapid analysis and identification of pertinent regulations.
Redefining Compliance: A Value-Driven Proposition
The overarching theme that emerged was that compliance transcends its traditional perception as a regulatory burden. "Compliance can even be a value-add and selling point," Montja stressed, emphasizing the potential for ethical compliance practices to become a distinguishing factor for organizations. Compliance isn't just about meeting standards; it's about fostering trust and ethical conduct, drawing customers who prioritize ethical business practices.
Envisioning the Future of Compliance: A Synergy of Tech and Expertise
The webinar concluded with a glimpse into the future, a vision where compliance officers merge machine-readable regulations with internal data insights. Steven De Backer envisioned a landscape where this fusion streamlines compliance processes, making them more agile and responsive.
The synthesis of technology and human expertise would herald an era where compliance is not a mere checkbox but an integrated aspect of business strategy.
Compliance as a Strategic Imperative
The webinar offered a holistic view of compliance, transcending its traditional boundaries. It portrayed compliance as an avenue for businesses to fortify their ethical standing and embrace a culture of transparency and trustworthiness. The dialogue on compliance is ongoing, and the experts emphasized the need for continued engagement and dialogue.
What role do you envision compliance officers playing in today's business landscape? Compliance isn't a static obligation; it's an ongoing journey towards a more resilient, ethical, and competitive business environment.
Let's continue shaping a compliance mindset that's not just about meeting legal standards but about creating sustainable and ethical business practices.
Watch the full webinar
- Get practical tips and tricks from experienced compliance leaders - how have they done it?
- Have an overview of the building blocks of a successful compliance programme.
- How to make use of AI and tech in ensuring your compliance efforts are "always on".