Due to COVID-19, companies had to devise creative ways to survive as nationwide lockdowns were implemented and employees had to work remotely. While things seem to be improving and offices are opening, uncertainty lingers on as business owners and conglomerates fear another wave. Business owners now realize that business operations are always at risk of getting hit by external factors.
As a result, companies continue to follow the compliance trends that resulted from the past two years, while also looking forward to implementing new ones. To better understand those compliance trends, here is a detailed discussion on the most relevant ones for the year ahead.
Digitization of Data
Having to work remotely for almost two years has taught businesses the importance of keeping records within their cloud or in-house software so employees can access them as needed. As a result, the practice of digitizing data will continue in the corporate industry. Data digitization comes with a greater risk of theft and cybercrimes, which is why companies need to incorporate robust cybersecurity protocols to protect their data.
Moreover, the government has been showing concern about data safety and data storage regulation, encouraging business owners to develop protection programs to keep their information safe.
Emphasis on DOJ’s Corporate Enforcements
The American Department of Justice mandates corporations to have effective compliance policies in place to prevent, find, and fix all kinds of misconduct. Going forward, it requires companies to have more thorough compliance plans with stricter incentives. In that regard, a habitual offender will be punished beyond their immediate offense. That is, in the past, a repeated offender would only be convicted for the felony they committed recently, but now they will be judged for an offense with consideration of prior misconduct.
Reporting Of ESG Matters
After undergoing significant changes recently, businesses are expected to maintain those changes as they move forward, particularly in Environmental, Social, and Corporate Government (ESG) matters. This continuation of revised ways of working will be reported to relevant authorities to ensure that specific standards are met. An example of such authority is European Union’s Corporate Sustainability Reporting Directive (CSRD), which was introduced in April.
Increased Training Programs for Employees
As technology continues to evolve, corporations require employees to keep up and adapt to business operations efficiently. For this reason, more training workshops are being held to acquaint workers with the latest technological developments. Doing so is believed to enhance a company’s progress significantly.
Improving the New Workplace Normal
Although offices have started to reopen, many firms still have their employees working from home. Others have adopted a hybrid business model considering the ever-changing business environment. For this reason, employers must work to make their employees tech-savvier to ensure all remote business processes run smoothly. To do that, constructing a cyber-map is essential, which will help workers navigate the cloud world better.
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