COMPLIANCE, AN OPPORTUNITY FOR GROWTH
7 May 2020 at 07:00:00
It's almost a swear word in some organisations, 'compliance'. Now, thankfully this is not true in all, but the reality is that compliance creates the door for opportunity to come knocking, if only we can start to embed risk management into our culture.
We often, as compliance professionals find ourselves between a rock and a hard place.
We feel we are working desperately hard to protect our organisations from regularly failure, guide them though the often treacherous world of changing regulation, desperately trying to educate, support, nurture growth and sustainability and sadly, although not always, receive little acknowledgment for our effort.
What I have been proposing, blogging about and instigating within organisations for years is that this thing we all call compliance is actually regulatory risk management, and if you do risk management then you have to do opportunity management at the same time, otherwise the scales are not balanced.
But why wouldn’t you? Why wouldn’t you want to maximise your opportunity?
Think about it,
The better you are at managing risk, the more risk you can accept, the more opportunity you can embrace and the more you will grow, create longevity and be adaptable to change.
Higher Education, for example, especially International HE finds itself at a threshold of change, regardless of this crisis we are in right now, you need to be able to embrace the opportunities that are arising and mitigate the risk emerging.
Tier 4 has been a ‘god send’ for those that understand risk, its management and how it can support organisational growth. It’s not going away, regulation is here to stay and will get tougher, but out of this comes possibility.
Having worked with floated companies, small niche operators and even unregulated firms, the principles of getting these outcomes are the same.
Design valid robust risk management processes, which inform your decision making and governance so as to open up opportunity.
Want to know more, please feel free to get in touch.
If you're in the HE sector, I'm doing a webinar with the kind folks at Enroly on The Digital Future of Compliance. It's free.
You choose. No sell here, just your choice.