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“Embedded compliance is having appropriate and effective controls, performance indicators and reporting mechanisms strategically positioned in the core business processes of the organisation. This assists in ensuring that all key regulatory, strategic and internal requirements are satisfied – without jeopardising the expected performance of the business.”
“We have seen an increased requirement for organisations to improve disclosure, accountability and compliance to meet new and stringent requirements set by government, regulatory bodies and societal demands,” says Rampai.
The solution is not costly one-off projects performed with spreadsheets and a vast accumulation of paper-proof compliance, rather it is embedding compliance strategies into business processes. This will reduce the time and manpower cost of staying compliant.
Organisations require a values-based approach to ethics and compliance. Clearly defined objectives, measurements for success and project management parameters along with effective up- and downstream communication will create a consistent approach to accountability.
Integrating compliance into individual performance measurement and reward structures directs organisation wide participation.
“Compliance is not an event, nor is it an activity. Relying on business as usual just doesn’t cut it anymore. Organisations need to incorporate fresh thinking, new systems and innovative approaches to produce the expected results," Rampai says.