Compliance and Risk Management for the Retail Industry
The retail industry is caught in a Catch-22. Retailers generally need to expand both their geographic footprint and technological infrastructure to increase revenue and profit. But, increasing their physical and digital environments invites additional risk, including:
- Additional points of entry for hackers.
- An expanded network of third parties that become extensions of a company and can inadvertently disrupt operations, weaken IT security, or contribute to non-compliance.
- Additional regulatory complexity as every municipality, state, and country carries its own set of building codes, employment laws, and consumer protection regulations.
- Decentralized data, policies, and other critical information.
Managing the new risks and compliance requirements can be an arduous task, if conducted manually; often requiring multiple employees dedicating long hours at extensive cost.
Retail companies need a straightforward, efficient, effective and agile solution to deal with the merging of duplicate risk frameworks, the rollout of advanced technologies, and the implementation of new regulatory guidelines.
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About NAVEX Global, Inc.
NAVEX Global is the worldwide leader in integrated risk and compliance management software and services. Our solutions help organizations manage risk, address complex regulatory requirements and foster an ethical, productive workplace culture.