As APAC firms face a new regulatory era, compliance teams have a pivotal role to play. The job involves protecting the firms’ interests and helping to drive long-term competitive advantage.
FREMONT, CA: Today, most Asia‑Pacific (APAC) organizations see data privacy as a chief concern. For many, how to integrate change–one hailing from a different regulatory jurisdiction remains a significant apprehension, since it may distress all business and client partner relationships. So, organizations struggle to build and establish compliance processes that ensure the general guidelines are respected worldwide. Additionally, the organizations also find it challenging to control differences with other countries and regions, along with their regulations relating to data privacy.
Here is how APAC organizations can develop a robust approach to compliance amid data privacy concerns and the shifting international and local regulatory landscape.
Compliance as a Central Business Strategy
In recent years, compliance has moved from being at the end of the chain to turn into a more central concern, chiefly in influencing overall business strategy. Firms are becoming more responsive to the consequences of non‑compliance that may affect the business operations and avert participation in key markets. Besides, hefty fines and reputational harm also comes into the picture.
APAC businesses are starting to rethink on the one-size-fits-all approach that has naturally prevailed in the region. The change is principally vital with international regulations going heavy on the global companies to strictly adhere to global standards while developing a historical understanding and an aptitude to apply the rules.
Compliance professionals need to ensure that employees throughout their industry have a clear understanding of the paramount practice and are set to take ownership of their actions to cement the transformation. For various APAC firms, the change is attained by implementing enterprise-wide training sessions from day one for each employee. The training is conducted in a face-to-face meeting or online depending on the requirements across the business. Besides, the overall aim is to help the workforce develop a state of mindfulness when it comes to compliance.
Outsourcing additionally can also help businesses keep on top of quickly changing regulations that need both global and local expertise. When taking the options into account, looking for partners with a local presence and on-the-ground experience of prime regions can be helpful. So, the assistance will play a key role when there are language differences in the head office. To enable the shift to a compliance-focused culture also needs management buy-in. The liability for brand protection requirements should be filtered down from the very top so that all employees understand that they are business ambassadors.
Compliance ought to be seen as a business enabler rather than as a drain on development. The change can only happen if enterprises work in an integrated way to bring innovative solutions to the connected organizational challenges.