The Next Era of Compliance

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When you think of “compliance,” you might associate it with words like “slow,” “barrier,” and “hoops to jump through.” It’s often seen as something that can hold you back from pursuing your goals, almost like a visit to the principal’s office in the business world. In highly regulated industries, though, it’s undeniably one of the most critical aspects to consider.

Companies are building more quickly than before (especially with AI!) and it’s essential for risk and compliance teams to keep pace with internal demands and external expectations. What’s intriguing is the shift we’re witnessing in the role of compliance and risk management. They’re moving away from being mere gatekeepers and are becoming active participants in shaping what’s possible within organizations.

At the same time, both old and new categories are facing mounting regulatory pressures and compliance requirements. Governments and consumers are increasingly seeking transparency regarding how companies safeguard their information and data. This heightened focus on compliance is prompting businesses to place greater importance on reducing the costs associated with non-compliance. In today’s risk conscious world, good compliance and risk management can be a differentiator as companies compete to win customers. 

The costs of non-compliance have increased, where US businesses on average spend $10,000 per employee on regulatory costs. Highly regulated industries like manufacturing ($350B), finance ($46B), and healthcare ($39B) face the highest costs of maintaining compliance. We see a significant opportunity for enhancing the tools and systems of record to help businesses and teams better manage risk and compliance for their organizations. These can be functional or role specific, or cater to industry-specific needs. These tools range from: 

  • Audit and risk assessment tools 
  • Automated compliance remediation tools
  • Compliance for user accessibility to meet ADA regulations
  • 3rd party vendor management
  • Data and information lifecycle management tools 
  • Internal policy management systems 
  • Documentation and approval workflows 
  • Compliance training solutions

If you are building or working in this space, we’d love to chat with you! Reach out to us at info@harlem.capital

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