Adapting to Change: The Shifting Dynamics of Compliance Management

In the dynamic realm of risk and compliance, organizations are constantly evolving to meet new challenges. Drawing insights from the Thomson Reuters Institute 2023 Risk & Compliance Report, we explore the transformations shaping how businesses approach compliance. These statistics not only provide a snapshot of the industry but add a layer of credibility to the narrative we’re about to unfold.

From “Check-the-Box” to Strategic Prowess

Half of the respondents in the study noted a recent paradigm shift in the world of compliance training: compliance is becoming more of a strategic position within organizations rather than a chore to complete. It’s a narrative of transformation, where compliance becomes a key player in shaping overall business strategy. Totara, for example, allows organizations to create competency frameworks, outlining the skills and behaviors required across the entire organization.

The report reveals that 65% of respondents believe streamlining and automating manual processes could revolutionize risk and compliance, reducing complexity and cost. In this, we can see a growing recognition of technology’s pivotal role in enhancing compliance processes’ efficiency.

Confidence Amidst Complexity

Amidst the complex landscape of compliance requirements, the report showcases a remarkable statistic – three out of five respondents express confidence in their ability to address compliance risks. Technology undoubtedly plays a role in this newfound confidence from HR and Learning Leaders. Rather than sifting through spreadsheets, technology like Totara Learn aids in building this confidence by allowing organizations to tailor learning experiences to individuals. A personalized platform like Learn combines course sets and competencies to create a personalized picture of each person’s needs.

Strategic priorities for compliance teams highlight the need to stay abreast of regulatory changes and mitigate emerging risks. Totara Learn’s in-depth reporting capabilities offer daily to yearly reports at every level of detail, providing organization-wide views and enabling one-on-one follow-ups. It ensures that compliance efforts are not only strategic but also informed and data-driven.

The In-House Movement: A Double-Edged Sword

As reported by the study, the movement of compliance management in-house presents both opportunities and challenges. A significant 63% of respondents report an overall shift to insourcing, driven largely by the cost-saving allure. Yet, behind this facade of efficiency lies a problem: a staggering 79% feel the pressure to insource, but only 23% report a budget allowance for technology solutions. Totara Talent Experience Platform (TXP) can save up to 80% of the total cost of ownership compared to other leading enterprise-class learning platforms.  With features like nudge campaigns and spaced learning, Totara ensures that compliance topics stay a priority throughout the year, fostering a culture of continuous learning.

Striking the Balance

As organizations navigate the compliance landscape, Totara Learn offers a platform that aligns with the evolving needs of compliance management. This isn’t just about compliance; it’s about adaptability, efficiency, and finding equilibrium in the face of change. Totara Learn provides the tools to strike the right balance – a harmony between strategic compliance functions and smart investments in technology, ensuring a resilient and cost-effective compliance future.

As the compliance landscape continues to evolve, organizations equipped with Totara Learn are not just adapting; they are navigating with confidence. The journey doesn’t end with compliance statistics; it extends into a future where organizations leverage technology to foster strategic compliance, empower individuals, and create a culture of continuous learning. Totara Learn is more than a platform; it’s a compass guiding businesses toward a future where compliance is not a burden but a strategic advantage.