According to research by Gartner, compliance technology budgets have grown 180% since 2019 in response to new business needs. Digital transformation plays a role, and with Covid massively accelerating that trend, compliance officers have been required to adapt quickly and efficiently.
Moreover, since the global pandemic swept through our lives, operating models have been disrupted, and many workplaces have implemented a permanent hybrid working policy.
This nuanced model impacts compliance officers, requiring them to reassess risks on a long-term basis. For example, remote oversight is now a larger component of risk management, and employees must be trained on compliance risks when working from home on topics such as:
- Data protection
- Inclusion and diversity
- Information security
With the rise of hybrid working, it's also crucial to cultivate a human-centric compliance culture. To achieve that, compliance officers should encourage diversity, equity and inclusion staff to work with HR employees to ensure fair opportunities. Moreover, managers may require additional training on how to best support their teams, given there's less in-person interaction.