By Bill Hall
Chief Compliance Officer
“The World Turned Upside Down” is both a wonderful song from the musical Hamilton and an apt description of the immense impact of the COVID-19 pandemic on business operations. One area of a business where the impact may not be quite so apparent, but where a failure can lead to serious consequences, is the compliance function. Disruption of the activities of your compliance team can mean a potentially dangerous diminishment of oversight, assessments, monitoring, auditing, training, and other essential risk management and risk mitigation activities.
Every business is aware that the pandemic has caused significant negative financial impacts, uncertainty, stress, transition to new remote work environments, and an overall crisis mentality that touches every employee and every aspect of daily life. What may not be so clear is the fact that these impacts to your business may result in an environment of increased non-compliant behavior along with a lessened ability to detect and correct such behavior. To make certain that your company does everything it can to maintain a robust compliance function during a tremendously challenging time, here are six key elements for your business to consider:
COVID-19 has disrupted every aspect of your business and maintaining a robust and adaptable compliance function is essential to make sure the business manages and contains the risks arising from this disruption. Identifying and addressing the new risks in the pandemic environment will ensure your business is as financially fit as possible as we all continue to navigate business adjustments.
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