What's Happening?
Sarah Milovich, general counsel and vice president of compliance for Carleton, emphasizes the importance of conducting a comprehensive internal audit at the end of the year. This audit is not only to address
known issues but also to proactively review internal best practices in anticipation of challenges in the upcoming year. Milovich suggests that businesses should focus on regulatory compliance to ensure they are prepared for any changes or new regulations that may arise. This approach is particularly relevant for the finance and insurance sectors, where regulatory landscapes can shift rapidly.
Why It's Important?
Regulatory compliance is crucial for businesses, especially in sectors like finance and insurance, where non-compliance can lead to significant penalties and reputational damage. By conducting thorough audits and staying ahead of potential regulatory changes, companies can mitigate risks and ensure smooth operations. This proactive approach can also enhance a company's credibility and trustworthiness in the eyes of regulators and customers. As regulations evolve, businesses that prioritize compliance are better positioned to adapt and thrive in a competitive market.
