From Compliance To Value Creation: A New Paradigm

Wednesday, 2 October 2024, 1:02 pm
Article: Hugh Grant

In today’s rapidly changing business environment, identifying and managing regulatory risks is crucial for organisations in every sector. Failure to meet industry standards or best practices can lead to severe legal penalties, affecting for-profit, non-profit, private and government entities alike. Beyond financial losses, non-compliance can irreversibly harm an organisation’s reputation and stakeholder trust.

Shivali Kukreja, a leading expert in risk management, specialises in transforming risk and compliance functions within large, complex organisations. Kukreja doesn’t just manage risk—she redefines it as a strategic value-creation tool, aligning compliance with long-term business success. While there are a number of ways to tackle compliance risk management, including GRC (governance, risk, and compliance) frameworks or hiring a Chief Compliance Officer (CCO), experts like Kukreja deliver unparallel expertise and insight, driving compliance efforts with greater impact and efficiency across any organisation.

“Compliance risk management should be an ongoing, continuous process, much like maintaining physical fitness,” Kukreja explains. “You can’t implement an unsustainable regime and expect lasting results. Risk management must be practical, woven into the very fabric of the organization. It’s essential that every employee from the ground up is aligned, engaged, and empowered to contribute to a culture of risk and compliance awareness.”

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Kukreja’s approach places transparency and accountability at the heart of governance, focusing on designing systems that enable governing bodies to efficiently assess and manage risks. “Accountability is key,” she stresses. “It’s not just about having systems in place; those systems must hold individuals and teams responsible for their roles in maintaining compliance. When everyone, from senior leadership to front-line employees, is engaged, the organisation becomes stronger and more resilient.” Her goal is to create self-sustaining governance structures that operate seamlessly, enabling swift, transparent, and accountable decision-making.

One of Kukreja’s core areas of focus is complaint resolution—a critical but often underutilised aspect of compliance. “Transparency is protection,” she asserts. “Complaints are valuable—they uncover hidden risks and offer clear paths to improving processes. Reporting complaints, their root cause and outcomes to Governance Committees enables swift action, safeguarding both the organisation and its stakeholders from further risks.” By treating complaints as opportunities for growth, Kukreja ensures organisations don’t just resolve issues but evolve from them.

At the heart of Kukreja’s philosophy is a simple yet profound idea: compliance risk management isn’t just about avoiding penalties; it’s about creating sustainable value. “A strong compliance framework builds consumer confidence, sending a clear message that their interests are safeguarded. This trust becomes a competitive advantage, fostering loyalty and driving long-term growth.”

Through her expertise, Shivali Kukreja is helping organisations transform compliance from a legal necessity into a powerful driver of innovation and value creation.

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