Closing the loop on some trends we thought might be important back in January of 2017.
First, we all had (and still have) deregulation on our minds. So far, while there has been a lot of discussion about the possible effects of deregulation, it’s fair to say that compliance issues are still being driven by regulatory enforcement and there does not seem to be any fundamental difference to how (and how frequently) regulations are being enforced. As we discussed back in January, a real danger exists that some might think that all the talk about deregulation somehow means that there is to be less focus on compliance at organizations. Eric notes that whatever happens with regulators, organizations still need to hold the line on their values and their internal expectations.
Second, we talked back in January about reputational risk and, in particular, the impact of social media use on reputational risk. The intersection of compliance and these issues is still top of mind and key risk for many organizations.
Third, we certainly see that the risk-based approach to compliance remains an important and necessary piece of the puzzle. In 2017 we saw steps forward, including the February 2017 Guidance from the Department of Justice, which have helped organizations better contemplate what makes a risk-based program for their organization. We should expect that there will continue to further developments on this front as we move forward.
Looking forward to tracking these trends, and others, as we head into a New Year!