Top 5 Compliance Challenges in 2022
by Redware Team on Jul 14, 2022 2:46:56 PM
Now that we are a number of months into 2022, more compliance challenges are coming out of the woodwork. The last couple of years have primarily been occupied with coping with the effects of the pandemic, dealing with a more dispersed workforce. However, with the success of the vaccination rollout businesses may start to see a return to more normality – and with that comes the need for compliance once again.
#1 Diversity and inclusion
Today there are more societal pressures for businesses to be more inclusive, on top of this regulatory pressure is also increasing.
Supporting a culture that encourages diversity in the workplace is highly important when it comes to good people management and it’s about valuing everyone in the organisation where they are able to participate and achieve their full potential.
Managers also have a key role to play in creating an inclusive and safe workplace. Leaders and managers should receive training on how to manage situations that may involve abuse, as well as how to build a team culture of equal opportunity.
#2 Data protection and privacy
With more members of staff working remotely post-pandemic, businesses are adopting a ‘no personal devices’ policy to mitigate any risk associated with personal devices compromising important data. With a more dispersed workforce, and more businesses being hit with by cyber-attacks, it’s easy to see how this continues to be challenge for compliance officers.
Unfortunately, unlike other compliance issues such as climate risk or diversity, cyber security continues to be driven by adversaries with malicious intent. We have seen countless stories of large businesses being hit and costing them thousands (or even millions) on top of tarnishing their reputation.
Board members need to continue ensuring that IT and any cyber-risks are actively included in any risk management discussions and to also ensure colleagues are trained consistently in line with any technological changes into the future, this includes covering basics such as phishing emails etc.
#3 Post-covid workplace
As we have discussed in our last article regarding the future of working post-pandemic, many business have either carried on working remotely or have adopted a hybrid working model.
Whilst a full return to the office may be feasible, employees expectations have changed, possibly forever. When people learnt to work remotely out of necessity they have found that this has offered the opportunity for more time with family and not dealing with long commutes and many people want to carry this on where possible.
So what does this mean for compliance? During the pandemic, many businesses before treated remote working as more of a novelty and only planned for the short-term. Now it has become more apparent that businesses need to look at their compliance risks once again and plan for the long-term. With many employees working from many different locations, it’s vital businesses continue to nurture the right culture that promotes risk aversion and agreed processes.
Some questions to ask yourself:
- How do I onboard new staff members?
- How do I measure productivity? How can I ensure members of staff continue to work effectively like they would in the office? Are any adjustments needed for performance reviews?
- Is my office COVID secure? Am I providing a safe environment for my members of staff that are returning to the office?
- Do I have the right hybrid or remote working strategy? What support do I need to offer to those who to choose to continue working from home?
#4 Mental health and wellbeing
It’s been tough for many people coming out of the pandemic, add the rising cost of living to this issue and it’s not hard to see how people might struggle during this time.
Whilst we are sure all businesses are empathetic to members of staff and their mental health, companies should incorporate policies that focus on preventing stress, burnout and support for those already struggling with their mental health by creating a culture where people are not afraid to speak up.
Creating a company culture that empowers members of staff to communicate when they are struggling makes people feel more valued, trusted and less likely to make mistakes.
Kate Upstone our Head of Central Operations had this to say on supporting members of staff with their mental health at Redware:
“We don’t believe in the old attitude of ‘leave your feelings at the door’ and it’s not how we want to operate here at Redware. Your social and professional lives aren’t necessarily exclusive and if there is something going on at home, we can support you through that and it doesn’t have to hang over your head.”
#5 Compliance resilience
Unfortunately, many people have their opinions related to hybrid working, lockdowns and the wider impact of the pandemic – and there is a good chance this issue will carry on well into the rest of year, and perhaps further into the future.
The ebb and flow of the pandemic has tested businesses across the world, but have proven to still operate despite any disruptions that are thrown their way. To combat this, businesses need to identify critical services and demonstrate how these can continue to operate if there is any disruption. This is perhaps planning for a worst case scenario, but as we have learnt this can happen and businesses need to have a plan in place. Forgetting pandemics for a moment, businesses would also be wise to plan for any changes in technology or climate change as well to prevent any system outages or failures.
For over 20 years our learning and development experts at Redware have been helping businesses worldwide with learning and development by delivering comprehensive and robust compliance training with Empowered LMS. To discuss your compliance needs for your business click here.