As 2022 draws to a close, businesses everywhere begin to look back and assess a compliance landscape that has changed in many ways. Regulatory complexity continued to grow over the last year. Financial-crime scandals rocked several industries. Uncertain economic conditions fed budget cuts to compliance programs across the globe. Compliance leaders must increasingly do more work with fewer resources.
The New Year heralds a fresh start. It provides the opportunity to learn from the difficulties of the past year and plan ahead for the challenges that await in 2023. Compliance professionals leverage lessons learned through successes and failures to forge new paths and combat new threats. 2023 will likely bring unanticipated changes – new forms of online fraud continue to emerge, account takeover remains a costly problem for platforms, insurance fraud and other forms of financial crime grow in size and complexity; Today’s compliance professionals need to be smarter, faster, and better prepared for these rising threats.
It can be tempting to feel overwhelmed and unsure of how to move forward, especially in uncertain economic conditions. However, as compliance professionals, we are the guardians of integrity and accountability within our organizations. We have the skills, knowledge, and determination to rise to any challenge that comes our way.
As we look towards 2023, it’s important to remember that risk and compliance challenges are not insurmountable obstacles but rather opportunities to demonstrate our value and strengthen our organizations. By carefully planning and preparing for the year ahead, we can not only meet the demands of compliance but also position ourselves as strategic partners and drivers of business success.