How to evaluate your compliance program and strategies to avoid compliance fines
With local and global regulators being more demanding and actively scrutinizing their enforcement of cross-border and cross-industry regulations and policies, organizations of today face increased compliance risks and have to meet more complex requirements from new regulators. In 2021, organizations in North America were fined USD 44.94 billion for various instances of non-compliance. In tandem, Amazon alone was fined a whopping USD 847 million by the European privacy watchdog (a historically record fine to date) for allegedly violating GDPR rules.
And the volume of regulations and regulatory changes will only increase going forward, making it difficult for organizations to actively keep up.
With the above in mind, an effective compliance strategy that is integrated within the GRC framework and aligned with business objectives can help create compliant and ethical workplaces thus reducing compliance-related fines and penalties.
In this complimentary eBook, MetricStream (an OCEG Solutions Council Member) provides a checklist to implement 5 actionable compliance strategies integrated within your governance, risk, and compliance (GRC) framework to help modernize your compliance processes, promote an ethical work culture, and most importantly avoid compliance failings and fines. It also provides key insights into the future of compliance programs and the use of technology. You can download the MetricStream eBook here.
Governance Dynamics (OCEG Partner in Middle East and Africa) can help you reach your compliance objectives by providing training and advisory services. Our team has 20+ years of experience in providing Governance, Risk and Compliance training and advisory services to leading organizations. We are happy to discuss any questions you may have, contact us today.