Compliance cuts both ways

There is a lot of understandable negativity around compliance in the risk management space. Some go so far as to suggest that we should discard rules and procedures, with derisory comments such as “they are so 1998” – even though it is the law in 2022.

It is important to listen to this type of sentiment and look at alternate points of view, but I am not sure if we are ready to throw the baby out with the bathwater?

I believe a lot of this negativity stems from organisations being mired in the consequences of doing compliance poorly as opposed to compliance strategies and tactics not having genuine utility.

A simple example is information overload. Most client systems I have seen, either at the bar table or in a consulting capacity in years gone by, were just too complex. The end result? A happy, engaged workforce working in a compliant and effectively risk managed environment? Err… no.

You end up with workers becoming dismissive and senior management losing interest. These types of negative impacts or associations with compliance are not possible to quarantine and can have far wider implications, so what started as a
positive is cutting you deeply.

Now, this is vividly understood after something goes wrong, but it really deserves greater focus at every stage of the journey through qualitative monitoring, review and adjustment. It is possible to finesse your systems to achieve the types of outcomes originally contemplated.

I encourage you to take an adversarial relationship with the way compliance is interpreted and applied. Greatness starts with dissatisfaction – but don’t shy away from compliance, as there is latent potential that once harnessed can result in a true upswing of positive momentum for your business.

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Written by Bruce Whitehead