Donald Trump has not even taken office yet and changes have already started. People are speculating about what the next changes are going to be and how it will impact their jobs, daily, life, and more. One of those areas that has already gotten attention is compliance. It is a common occurrence for people to believe that one current event would change compliance as we know it and it has yet to happen. Compliance programs just keep on increasing and now it is all around the world.
How the New Administration Can Impact Compliance Programs
It is true that current event have the ability to impact compliance programs but they have never lessened the need for them. However, under this new administration, people are already speculating that the number of regulations will decrease and compliance will decrease as a result. However, these changes may not even directly impact compliance as we know it. The laws that may be changed, according to what is being said from the administration, will greatly reduce bureaucratic work. That does not directly have a correlation to compliance work. Even if ACA laws are changed, they do not apply to compliance officers. If the FCPA is simplified, then the law is not as complex but the same issues will remain true. For example: bribery will still be illegal. It comes down to ethics. The ethical culture around compliance took time to build and will continue on even with all of the changes. That doesn’t mean the approach will not change, though. While the core beliefs and regulations are expected to stay the same, the way things are handled through compliance could drastically change. Only time will tell how this will come to fruition with the new administration in power.
Do Not Fall for the Hype
You may be hearing some people say that you can lessen your hold on compliance because it will be going out the window. Regulations and laws will only decrease, right? As long as people are doing illegal things, compliance will still be a necessary component to our daily world. The regulation will not be completed eliminated because it is too important to our safety. There are many people and CEOs who support compliance regulations. While it is true that they may change under this new regulation, it will not be so much so that compliance is eliminated. If someone is telling you to stop worrying about compliance because it will no longer be necessary soon, do not listen to them. No one knows how the future will play out and every time someone has said that compliance will decrease, it has increased. Do not put your business at risk by listening to the wrong people. You should not remove any of your compliance regulations as a result of speculation. If you do, you will create new risk for your company that could result in the detriment of your company. It is important to wait these things out because it is a lot of speculation currently. In about one year, we will definitely know how Donald Trump and the new administration will impact compliance.
Compliance has increased every time someone has said it will decrease. It really shows no sign of slowing down in the face of Donald Trump. That doesn’t mean that some things may change in terms of compliance but compliance will not disappear as a result. For more information about compliance in San Francisco, be sure to contact Where To Start via (844) RASM or - firstname.lastname@example.org .