- May 5, 2021
- Posted by: Admin IBL
- Categories: IBL News, Partner Corner
With all the changes coming with the fourth Industrial Revolution (Industra 4.0), there has also been notable impact on the role of the compliance officer and the compliance function itself. From just being good practices, privacy, security, contingency planning, outsourcing and risk management have become regulatory requirements.
The Covid-19 pandemic has undoubtedly left its significant mark on the landscape of the compliance function as we know it. It altered complex long-term planning and investments made into aligning compliance programme objectives with laws, rules and regulations. So many challenges are coming with the global pandemic; systemic disruptions within the business ecosystem; governmental reforms or efforts to lessen its impacts; data protection issues, organisations operating with a physically dispersed workforce are just some of them.
This New Normal requires adaption. Professionals striving to keep the business pace and leadership, have to build a function that meets today’s and tomorrow’s compliance needs. The term Compliance 3.0 refers to the data driven compliance programme and the critical role of the compliance officer to design, adapt and manage their compliance programmes successfully.
This panel was part of our 4th Global Conference 2021.