Historically it’s been easy to talk about Legal in a silo and GRC in a silo, but we’re starting to put this all together – Legal and Compliance.
Mike was joined by
Rajan Gupta, Global Head of Technology and Compliance at Facebook, who provided fascinating insights into the current state of affairs, best practices for success in an increasingly complex regulatory environment, and what the future may hold.
As he pointed out, “If we look back I’ve seen many departments operate in silos; there is no one unified system across the enterprise, you have to reach out to everyone to get the information you need.” Technology has
the chance to change this landscape for the better,
and help organizations cope with its newest wrinkle: How remote workforces have the potential to fragment data and processes even further. “Many of us are working remotely,” he said, “and need remote compliance.” As he pointed out, working remotely will become
for more businesses, and they need to anticipate that now.
Companies need to
revisit training programs to ensure they’re relevant, effective, and current. Some compliance efforts need more attention than others, and more specifically, there are those that require attention “from the top” to succeed.
risk and compliance technologies will just keep progressing. An AI-based solution would use data analytics to “comb through” an increasing maze of regulatory obligations and changes, he explained, enabling companies to be far more proactive in responding to them and maintaining operational resiliency. Intuitive portals with chatbots would allow users to carry out tasks like submitting travel expenses or making other compliance-related requests without ever involving legal staff.
As Rajan reminded us all:
Where there is a challenge, there is an opportunity; the bigger the challenge, the bigger the opportunity.
What were just a couple of the other notable sessions on the day?