Looking back helps us to make decisions about the future. The problem is when we spent too much of our time looking back and not enough time looking forwards.
Compliance needs to turn around!
Compliance functions, inherently as second lines of defence, spend most of their time looking backwards. Pouring over historic data, information and decisions to assure the business of its regulatory position.
That’s not good enough!
We need to face the other way, look forwards more often.
Whilst looking backwards can inform our view, we have to get better at assessing our future risks, our future opportunities and ensure these support the business’ strategy.