Emerging challenges in compliance
We continue to see an increase in both the number and complexity of regulations at various levels of government. This can include country, regional, state, and international laws. In addition, regulations and contractual commitments can vary with each industry and client.
Companies that will lead the future supply chain need to balance their strategic initiatives with regulations and implement policies with enforcement mechanisms. Playing into this regulatory environment, there is the additional variable of innovation and need to keep pace with technology; managing this tension with compliance best practices is a key factor to success. With technology, comes big data, and organizations that miss the mark on the relevant importance of both internal and customer data, might end up with a crisis or major issue on their hands. Understanding the diverse views of data privacy and how those laws and perceptions vary from country to country, will ensure compliance in any global business.
Technology is integral in most positions, and employees and clients should expect that any product with data will have sensitive information removed before it is disposed. We have established protocols for performing data wiping on electronics product received through our warehouses for disposition through our online marketplaces is subjected. This ensures that any sensitive data has been removed before it reaches the hands of its new owner, offering peace of mind and conforming to the highest levels of compliance for our sellers and buyers.
Creating a Link With Partners to Make Compliance Work
Compliance presents an issue in most organizations as it can be a challenge to dedicate resources to what is often perceived as just a cost center; however, forward-looking companies that realize the interdependence of compliance and business success will find a way to make it a priority. Once a company has compliance resources, connecting with both internal and external partners on compliance will help to ensure that policies are embraced.
Our organization has established a clear link between leaders and midlevel managers to create a positive and productive relationship between sales and compliance. Our leaders understand that compliance drives sales and provides value to our clients, who may not always have compliance resources dedicated to their reverse supply chain or asset/investment recovery.
As the Compliance Officer, I serve a key role in education, providing compliance training for clients and equipping our sales and account teams with country/state/regional and industry specific regulatory information. When it makes sense, I will join client calls to communicate new regulations and provide counsel on any compliance questions, and ensuring that our procedures are aligned with the client’s compliance needs. In addition, our Code of Conduct is aligned with best practice, empowering our employees to be an active part of our compliance team. In addition to our compliance and ethics hotline, I have an open door policy and find that being available to our employees in the field also supplies me with current and relevant information impacting our business and the clients we serve.