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October 25, 2021

3 Compliance Trends Hitting Businesses Now

Compliance is a major part of doing business. It’s not just making sure there is a fair playing field within industries and sectors. But it’s also about making sure customers are protected. There are rules in place not just to prevent unfair competition, but also, to make sure companies are not taking customers for granted. The economy is vitally important for everyone. If a large brand loses credibility in the eyes of customers, that affects their suppliers, distributors, utilities, and third-party clients. Just imagine if there was a giant scandal in a large company like Amazon, whereby millions of customers no longer used the platform until something was fixed. It would hurt global trade as we know it. So how are certain compliance trends shaping the world?

Work environment

The work environment has to get better for all employees. The issue of mental health is skyrocketing among all levels of employees. Not even the executive teams are able to get away from this one. Mental health is rapidly becoming legislated for, especially in the workplace. We are seeing that some compliance teams are giving employees the option to take up hybrid working. This is whereby the employee can work from home half the week, and come to the office for the rest of the week. This can help people who are managing the stress of a growing family, caring for a sick child or pet, and for those that would simply like a break from commuting, waking up super early, having to sit in a noisy office. If you haven’t already, start making a mental health charter you can use to implement rules for caring for an employee’s psyche.

    Credit card payments

It should be obvious by now that scanning cards is the future. It’s the way we will all purchase our goods whenever we shop in person. This could be for getting on public transport, buying a coffee or perhaps buying a car. You need to learn about PCI compliance if you want to use a scanning service that will keep customers’ data safe. A great service will encrypt customer data, preventing hackers from decoding it along the way to the issuer i.e. the bank. They will also have firewalls at terminals so any suspicious activity can be prevented from escalating. PCI compliance is rapidly shifting and if you want convenience and speed to be had by your customers, you should choose a service that fits the bill.

IRM and STEEP

Business resilience is a major deal now. So many companies had no idea how to respond to the pandemic and workers working from home, that integrated risk management and the STEEP model are being entertained for a new round of compliance measures. It will mean companies need to include social, technological, economic, environmental and political risk management into their strategies.

These compliance trends are going to be shaping the world in the next couple of years. Before they affect your business, begin to change and adopt suitable strategies so they won’t come as a surprise upon official legislation.

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Michael Veazey


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