With so much pressure for companies to decrease costs and increase profits, departments that are considered “cost centers” are typically asked to reduce costs each year. Often, Compliance departments struggle with getting business leaders to understand the true value it provides to the organization. This is especially apparent during annual budget review.
So how do you get your Compliance department to be seen as a competitive advantage within the company? Below, I provide you with 3 easy tips.
3. Make the Connection: Branding + Innovation = Competitive Advantage
By fusing your “brand” with innovative training and awareness campaigns, you create a competitive advantage for your department.
- Visibility – by publishing creative content and engaging with influencers, your policies, intranet site, and department become a well-known staple throughout your organization
- Collaboration – ensure you are involved in key discussions with leadership (i.e. Operations and Business Development) as well as with influencers and local management
- Thought Leader – consistent engagement and publishing tools for employees to use creates the thought that your department is the “go to” group to answer a myriad of questions. When people know who you are, they are more likely to contact you with questions
- Reduced Financial Exposure – as your employees become more aware and knowledgeable of the policies, procedures and applicable laws, the company is better able to mitigate its risk and reduce its financial exposure
By using branding and innovation, you can make your department an “influencer” in your organization and be seen as a competitive advantage.