Main Menu

How to Thrive Through Virtual Compliance Reviews

05.28.2020

For an organization that engages in traditional on-site compliance reviews, the concept of a virtual review may seem virtually impossible. In addition to enhancements introduced to day-to-day operations, organizations can also thrive through compliance reviews virtually to demonstrate to stakeholders, executive management, and regulators that the new norm has not impacted compliance efforts in safeguarding the clients’ and organizations’ assets.

Stay Connected

Management and compliance personnel need to stay connected throughout the organization. This is a great opportunity to learn more about what is going on as we continue to adapt to the day-by-day changes in the current environment. In a world of change, staying connected and evaluating the environment allows audit plans to be agile to conform with the needs of the organization in addition to the regulatory compliance needs. 

Adopt Technology

Incorporating technology and continuous auditing into the compliance reviews will increase compliance visibility by working in conjunction with information technology resources. Successfully implementing continuous auditing streamlines the more labor-intensive compliance efforts, allowing the compliance function of the organization to focus on strategic objectives to further advance the organization. 

Use Your Data Wisely

Organizations have an overabundance of electronic data to help support compliance efforts. By getting to know how and where data is stored throughout the organization’s systems, you can use this to your advantage to perform a more comprehensive review. In addition to compliance efforts, data analytics can benefit and transform management’s visibility.

Security and Availability of Documentation

With a virtual environment comes the potential or need for more documentation to be maintained electronically. This helps the organization stay on top of compliance efforts by being able to access documents and have them readily available, even remotely. With our changing world, continuously discussing the security of the organization, both internally and externally, could bring to light unintended or unexpected risks to your organization. Once the risk is identified, the organization can work closely to mitigate security risks to reduce the exposure.

Add Value

Ongoing discussions, the use of technology, and data analytics are a value add and bring a consultative approach to the organization’s compliance efforts. While regulatory compliance is a necessity, incorporating additional topics into the compliance reviews opens the door for compliance personnel to partner with management and bring to light additional ways the compliance function can help the organization beyond simply meeting regulatory needs and requirements. Take advantage of the global, comprehensive view you have of the organization to help serve as a connector between departments. 

While our current environment presents challenges, it also presents endless opportunities. Acknowledge and mitigate the risks, embrace the opportunities, and bring a different dynamic to compliance reviews to allow your organization to thrive through these times. 

To discuss how we can help your organization with a compliance review strategy, contact Amy Ribick, Advisory Partner, at aribick@bswllc.com or 314.983.1347.

Team

Back to Page