Food for Thought: Exiger x Consero Chief Compliance Officer Virtual Event

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Exiger was excited to participate in Consero’s Chief Compliance Officer Virtual Knowledgebridge™. Our conversation with CCOs from Fortune 500 companies around the day-to-day realities of doing business during Covid19 was inspiring. Clearly compliance is on the frontlines of this crisis – we valued the candor and practicality that the group demonstrated.

Read on for our key takeaways on the innovative ways agile compliance teams are disrupting the status quo to make the world a safer place to do business.

 

Key Takeaways

Focus on people. Leaders are seeking out and being rewarded by more frequent direct connections with individuals in their teams. Understanding the challenges team members are facing helps to manage risk and understand the practical limitations of novel work situations. Leaders demonstrated a need for teams to be flexible and reorient tasks and priorities to the current circumstances.

  • A lot of leaders are seeing employee burn out with no vacation time being used or people working non-stop because they don’t have experience working from home. Some organizations are mandating time off but also have concerns as the workforce will have to work hard as business ramps up again. Where you can, reduce manual and repeatable tasks so that your team’s time and brainpower is well allocated. Learn more about our technology.

Risk-Based. We can’t forget the guiding principles of a risk-based approach through all of the new and dynamic changes. Innovative risk assessments and prioritizing due diligence are important considerations.

  • Risk Assessments. Some leaders are utilizing configurable systems to help flex their risk assessments to the current environment—most indicated that they have not made changes to risk assessment but are reacting day-by-day to changing circumstances. Consider which select data points are most critical when you need to evaluate risk quickly. Learn more about how we helped one company save $750K with risk-based decisions.
  • Due Diligence. Due diligence on high risk third parties is happening differently and companies are increasing scrutiny, mostly through internal efforts by teams. Business changes and shorter timelines mean that triaging which entities go through additional diligence is more important than ever. At the end of the day there are practical limitations to what can be done and a risk-based approach has not changed.

Documentation. A critical theme throughout the discussions, each group expressed the importance of documentation related to dealing with government contacts, new third parties and contracts, with a specific eye on anti-trust and corruption.

  • Many organizations are having to provide services and products to the government under the Defense Production Act. They have never worked with the government and are unsure about their liability and legal responsibilities. Seeking guidance from a trusted advisor could be a helpful move to make sure you’re taking the right steps.
  • Nothing fancy is needed here—while there was an emphasis on creating a paper trail for interactions and decisions taken, there may not be the normal or expected level of information to make a decision or take an action.
  • As an organization, consider initiating and documenting corporate initiatives around compliance.

Health & Safety. There is a lot of concern about compliance issues around testing for Covid-19 as the work force begins to return to the office. What are people doing around testing and screening? What are the data privacy issues of asking medical questions? Is anyone using an app to track Covid symptoms of their employees? We can help you navigate a new normal.

Click to download our Key Takeaways document.