For a few weeks now, the corona virus has kept the world in suspense and has caused considerable restrictions and changes in our private and professional daily lives. Even if the mandated measures are gradually eased, it will still take some time before we return to full normalcy.
The pandemic has posed many challenges for corporate decision-makers and compliance managers. However, every crisis also offers opportunities.
Virtual Compliance Training & E-Learning
In times when employees mostly work at home and in-person events are not possible, compliance departments can take the opportunity to increase the use of digital communication. Employees can be informed about the latest regulations & measures and even compliance training can be carried out online with suitable tools. Hence, compliance remains present especially in times of crisis and questions and uncertainties can be clarified in direct exchange with the employees. In addition, the introduction of an e-learning system – for long-term use even after the crisis – can be considered.
Crisis-proof internal whistleblower system
Especially in the current situation there is an increased risk of compliance violations due to the reduced control options of employees working at home or the heightened pressure to achieve set goals despite the crisis. Hence, the perfect time to review existing internal whistleblower systems for reporting misconduct. A digital process guarantees complete anonymization (often requested by whistleblowers) and full functionality even without local presence.
Digital policy management
In many companies, guidelines to be confirmed are still printed out on paper and signed. A digital policy management system is not only more sustainable & cost-saving, but also ensures that employees without access to printers & scanners can submit the required confirmations. Updates can be addressed to the relevant person without delay and without much effort. In this context, the review of further business processes such as the on-boarding of new customers or the approval of gratuities and gifts with regard to their degree of digitization may be useful.
Long-term advantage for compliance
The coronavirus has caused abrupt changes and required rapid adaptation to the new circumstances. While digitization was previously on the agenda in most companies, it was slowly progressing in many places. For compliance, the opportunity to implement digital processes depends not only in successfully managing the existing crisis. In the long run, it creates more time and resources for the compliance team to devote themselves to strategic questions and projects.
More to read on this topic:
- Suddenly Home Office: Compliance Risks In The Corona Crisis
- Coronavirus and its challenges for compliance
photo: guido hofmann by unsplash