Happy Compliance Officer Day!

Happy Compliance Officer Day!
madhav
Tue, 09/26/2023 – 05:57

        <div><p>The summer vacation seems a distant memory and my wife and I are firmly back in the routine of our kids being at school – with the added benefiting of the extra peace and quiet during business calls.

One thing that changed this year is that our son asked if he could cycle to school with his friend. My wife and I deliberated, and eventually agreed on condition that he wore a helmet – as he does when he cycles with the family. Our son protested saying he didn’t want to because his friend doesn’t wear a helmet and he thought “he would look stupid”. We insisted that our son wearing a helmet was a pre-requisite to his cycling independence; reluctantly he agreed.

Coming home last week my son’s friend lost control of his bike as they were coming down a steep hill and he ended up in a ditch. Fortunately, the accident was minor – just a few scrapes and a bruised ego, but it could have been a lot worse. Now they both wear helmets when cycling to school and are thoroughly enjoying their new-found freedom.

Here’s the thing about compliance, most people know that it’s necessary, but it can often be seen as an arduous blocker to doing fun things like cycling on your own – or growing a business in a fast-paced digital economy!

Data breaches, brand damage and financial reputation.

In the world of IT, the compliance officer’s role is not a glamorous one. Contemporary regulations are lengthy, dense, and complex documents. They are not easily digested or understood. To make matters worse, regulations can wreak havoc on even the world’s largest and most influential organizations if not adhered to. This year, Ireland’s Data Protection Commission (DPC) issued Meta an eye-watering £1bn fine for mishandling user data. Brand damage and loss of customer confidence can have even larger financial repercussions.

For many organizations, compliance officers are a lone bulwark against financial ruin. And their job poses internal and external challenges; it’s all too easy to blame compliance for killing an innovation-hungry business leader’s idea because it would breach an important regulation. But compliance officers are so much more than that – they are the unsung heroes of business enablement.

As su

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