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.
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.
(Interview with Jill M. Williamson, Compliance Officer at Liquidity Services, Inc.)