Compliance leaders find themselves at a crossroads in 2023 with a plethora of challenges to address. Amidst political tensions, economic volatility, and a competitive labor market, they have little resources at their disposal, with more to achieve. No wonder compliance leaders heavily rely on established service providers for governance risk and compliance. Standing in 2023, three pivotal compliance function trends demand strategic attention. These involve embracing increased investments in technology, adapting to changing labor markets and working on tighter budgets.
Prioritizing these challenges, compliance leaders need to optimize their staffing decisions and expenses, adjust existing budgets, and take care of optimal productivity in their departments. Besides, strategic investments in technology are to be made as required.
Optimizing Budgets Amid Economic Strain
With rising interest rates and fears of yet another recession looming, organizations are reeling under the pressure to operate within more constrained budgetary restrictions. Compliance leaders find themselves grappling with increased workloads while respecting regulatory norms stemming from the pandemic. They need to maximize efficiency while maintaining cost efficiency.
Industry experts focus on retaining personnel, given that a substantial part of compliance budgets is necessary for staffing. Besides, industries have witnessed a surge in interest in technology solutions, which is largely driven by the push towards automation. This has turned out to be a pivotal factor in augmenting productivity during economic depressions.
Adapting to Evolving Labor Markets
Compliance departments have significant decline in the number of FTE (full-time employees) since 2020. This trend is likely to dominate the industry till 2023. The challenge seems to have intensified with intense geopolitical tensions, greater regulatory scrutiny, and a competitive talent market. This explains why organizations are finding it increasingly challenging to retain existing staff or scale up their departments.
Addressing this crisis calls for an innovative approach to retain talent and maintain workflow efficiently.
Technology Investments on the Horizon
Ensuring Compliance Through Enterprise Risk Management Solutions
Amidst uncertainties and challenges in the global business ecosystem, enterprise risk management solutions have emerged as indispensable tools like Corporater for compliance leaders. ERM solutions are a critical component of the recommended technology investments by experts in 2023. It offers a holistic approach to identifying, evaluating, and mitigating risks. These solutions leverage advanced analytics and automation to help compliance teams sail through the evolving regulatory landscapes seamlessly.
IMC and Corporater: Innovating Compliance Management and Tracking Solutions
The IMC Group continues to be a reliable partner for ERM solutions. From managing hotlines to enhancing ethics training and strengthening risk management systems, a professional hand from this established team ensures sustainable compliance resilience. We offer a comprehensive range of services in partnership with Corporater to empower organizations to make informed, responsible decisions while being risk-aware, ensuring sustainable growth.
Corporater is a global software company that offers integrated solutions for governance, risk, compliance, and performance management to medium and large organizations worldwide. Top Fortune 500 companies use their solutions.
IMC has partnered with Corporater to offer efficient and effective business solutions to companies worldwide. Along with Corporater, IMC assists in overcoming various challenges, and it offers a comprehensive solution to manage all aspects of business governance, including performance, risk, compliance, policies, standards, and audits.
