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3 Tips to Make Compliance Easier for 2018

By George Khoury, Esq. on December 18, 2017 | Last updated on March 21, 2019

There is no doubt that the current executive administration is doing what it can to rollback government regulations, but that doesn't mean you'll be able to get away with avoiding all your compliance related activities for 2017.

If you're an in house or GC, you're probably still buried in some of it right now. In fact, most of the laws that require some form of federal corporate compliance and reporting are still intact, and if your company does business in Europe, you're probably gearing up for a challenging 2018 for regulatory compliance already.

Here are three tips to make you compliance and reporting duties easier at the end of 2018:

Do It as You Go

Like any task that gets larger and more unwieldy (and even more boring) as time passes, establish a set time every few weeks or months to get started. Slowly rolling that boulder up the hill over the course of the year is way less tiring and can make watching it roll back down at the start of the next year a little bit easier and less dangerous.

Automation

With all that AI and computer programs and apps can do these days, if there's a process that you think could be automated efficiently, it can probably be done with the existing tech that's out there. It is already being done on Wall Street. Hire a pro to set up some automated processes that can automatically generate, or extract, the data you need. It may be costly the first time, but depending on how much data you'd have to sort through, it could very well be worth it.

Outsourcing

If you have the budget to outsource your compliance duties, you might want to consider it. While certain matters you'll want to keep in house, others can safely be outsourced to third parties. However, like using automated processes or AI, you should still be involved and monitor or review the work done.

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