Exploring the Next Frontier in Compliance: Risk Orchestration

As businesses strive for agility and resilience, the role of compliance has transcended its traditional boundaries, becoming a strategic force that can drive organizational success. 

As the critical role of compliance in business success becomes increasingly clear, FloQast embarked on a comprehensive survey — Exploring Strategic Compliance: The Next Frontier — to explore the current state of the compliance industry. As an Accounting Transformation Platform, our goal was to understand the challenges compliance teams face and uncover opportunities to shift from a traditionally defensive approach to one that delivers substantial value across the organization.

Exploring Strategic Compliance: The Next Frontier provides valuable insights into how companies are evolving their compliance functions to enhance strategic value and support growth. Let’s take a look at some of the key takeaways.

The Strategic Shift: From Compliance to Risk Orchestration

FloQast’s survey uncovered a pretty notable opportunity in the compliance landscape. While a significant 47% of compliance professionals are focused on reducing administrative demands, only 16% are exploring strategic risk orchestration. This approach allows organizations to perceive risks as strategic opportunities, rather than simply threats.

Additionally, the survey indicates 79% of compliance professionals in strategic roles are committed to improving organizational performance, with 80% delivering crucial insights to senior management. That’s pretty substantial. By adopting strategic risk navigation, organizations are enhancing job satisfaction and redefining compliance as a key advisory function, while also opening up more opportunities to glean valuable insights.

Access the Full Survey for More Insights

Dive deeper into these findings and discover how your organization can harness the power of strategic risk orchestration by accessing the full FloQast survey here.

Challenges on the Road to Strategic Compliance

Transitioning to a strategic compliance model presents several challenges. Many organizations encounter common obstacles that can hinder progress, ranging from overwhelming administrative demands to fragmented systems that impede effective risk management. In Exploring Strategic Compliance: The Next Frontier, we found that these were the most common challenges teams faced.

1. Administrative Burdens: Nearly half of compliance teams are bogged down by the demands of legal requirements, perceiving compliance as more of a hindrance than a help.
2. Reactive Risk Management: An astonishing 37% of organizations remain in a reactive posture, lacking the proactive processes needed to effectively manage risks. You know what’s the best defense? A great offense.
3. Disjointed Collaboration: Many organizations suffer from fragmented compliance environments due to a lack of centralized collaboration tools, which can compromise audit readiness and control visibility.

Access the Full Survey for More Insights

Dive deeper into these findings and discover how your organization can harness the power of strategic risk orchestration by accessing the full FloQast survey here.

Actionable Steps for Enhancing Compliance Programs

Improving compliance functions requires a strategic approach. The survey found a few practical steps organizations can take to enhance their compliance programs and align them with broader business goals:

• Invest in Technology: Equip compliance teams with advanced tools to automate tasks and enhance their strategic capabilities.
• Promote Strategic Thinking: Encourage compliance professionals to assume advisory roles that significantly contribute to organizational strategy and growth.
• Foster a Culture of Proactivity: Shift from reactive to proactive risk management, preparing for potential challenges before they arise.

Empowering Compliance with FloQast Solutions

Organizations looking to modernize their compliance functions can benefit from tools that streamline processes and enhance strategic involvement. FloQast offers solutions that facilitate this transition by automating routine tasks, allowing compliance professionals to focus on more strategic and advisory roles. This shift not only improves efficiency, but also positions compliance as an integral part of business decision-making, fostering a more proactive approach to risk management.

• Real-time Insights: FloQast's Compliance Management platform automates routine tasks, providing compliance professionals with real-time data to support strategic decision-making.
• Integrated Risk Management: By adopting FloQast’s technology, organizations can move from basic risk mitigation to a proactive, integrated approach, transforming compliance into a strategic partner in decision-making.

A Call to Action

As compliance continues to evolve, organizations are presented with the chance to redefine its impact. Empowered compliance teams can transform compliance from merely a regulatory requirement into a strategic asset that strengthens business resilience and adaptability. To understand more about this evolving landscape, we invite you to delve into the full results of the "Exploring Strategic Compliance: The Next Frontier" survey, highlighting how strategic compliance can benefit your organization.