If you've been increasingly worried about compliance risk, you're not alone. A lot of compliance leaders -- including 90% of those The Wall Street Journal surveyed in 2020 -- say businesses' response to the pandemic, especially remote working, created or exacerbated risks to cybersecurity, privacy, digitization and a handful of other areas. Over three-fourths of compliance officers say they're relying more on data and advanced tools to spot new risks.
Well, no wonder. We're in the midst of major shifts in where and how work gets accomplished, which introduces risks that few organizations were prepared for. But Gallup research shows that tech and data don't make companies as safe as they might hope. In fact, depending on digital transformation as a solution to compliance problems might leave you even more exposed.
In many cases, technology enabled businesses to adjust when the pandemic hit. All the tech workers who logged countless hours to move organizations remote, practically overnight, deserve our gratitude. The world's IT workers have kept the global economy afloat.
But all tech is built on a human platform, and whatever humans build is vulnerable to flaws. Facial recognition software that still struggles to recognize Black people as people is a chilling example. Correcting for human errors can create hard controls and standardized approaches that can't account for the unexpected -- like a global pandemic -- and often leaves compliance holes. Last August, for instance, Citi wired $900 million in multiple payments to some lenders by accident, and banking is considered one of the most highly controlled industries in the world.
To read the full Gallup article, click the link below:
Authored by Nate Dvorak and Jennifer Robison
The events of early 2020 forced most companies to quickly adjust to new challenges. Now, almost a year later, many are still laboring in this "new normal" environment -- increased safety precautions, scaled-down teams and empty offices. With teams scattered geographically and connection opportunities often limited to computer screens, now is a great time for leaders to check in on their workplace culture.
Culture is the optimal performance driver. It is an unsigned contract between an organization and its employees that gives individuals license to accomplish goals and get things done without the burden of worry or uncertainty about negative repercussions. And every employee in an organization has the power to amplify or detract from its culture.