by Mónica Ramírez Chimal, MBA
Abracadabra, alakazam…what will 2018 make compliance officers be worried about?
Good news! World Bank has forecasted
a growing economy in many countries. But,
as the countries grow, there will also be
scarcity of things such as water and
intensive changes in weather, driving
migration and natural disasters. This
will raise new risks and new issues to
In a general overview (compiled
from various sources and my
own opinion), the key compliance
concerns for 2018 are as follows.
External to the company
1. Cybersecurity: So many new technologies
are arising so quickly, and so much depends
on social networks that the compliance officer
will have to deal with a new requirement:
being an expert in technology. Ransomware,
data breaches, engineering attacks—how do
you protect the company if you don’t know
what is going on in the real world?
Cybersecurity also covers the control
mechanisms a company has to face
cyberattacks, not only for their website, but
also for the information sent and received
by employees and safeguarded in their
servers. How can a company control and face
what their employees are posting in social
Key compliance concerns
» Cybersecurity, virtual currencies, and social media are pushing to add a new skill to the compliance officer’s profile:
be an expert in technology.
» Money laundering and terrorism are themes repeated in the agendas of many regulatory agencies. Why? Because
both keep growing internationally—and fast.
» Know not only your third parties, but also employees and customers in detail. This will help you to minimize the
occurrence of modern slavery and corruption.
» Unethical behavior is expected to increase. It can be deterred by reinforcing principles and values.
» The Compliance area must be positioned within companies. It should prove its effectiveness and also be accessible,
humble, and able to lead by example.
In some countries, the
companies are not allowed to
check their employees’ emails
or posts. Meanwhile, others
companies can easily block
their employees’ electronic
devices from being used
for social media.