Question: How do you get a seat at the table to help launch new products?
Answer: This is an issue that many in Compliance face. Focusing on helping with new products is an excellent way to make a proactive impact on the business. You can build rapport and bring your perspective early – helping to make sure products and services are rolled out online and within budget without any delays because of last-minute compliance issues.
When the business focuses on developing the best service or product, compliance may not make it to the top of the list. How do you use your influence to be heard?
#1 – Your first priority is to be proactive and invite yourself to project meetings if needed; get involved as early as possible. The longer you wait, the harder it will be to slow the momentum to consider compliance and governance controls.
#2 – Pitch the value you will bring. Be ready with ideas and value-add. For example, can you provide perspective on the competitive landscape, the regulatory environment, risk and compliance requirements that can be addressed efficiently? You can also tell a story about a regulatory enforcement case where faulty product design or due diligence caused legal and compliance liability. Compliance issues can derail timelines and launch dates. When in doubt, explain how early collaboration can avoid headaches down the road.
#3 – Offer to test or audit the design of technology for regulatory such as disclosures, and conflicts of interest with cash and non-cash incentives. For example, the SEC 2018 examination priorities has several examples you can use to issue spot and help the business avoid delays in launching new products or services.
Show how you will save time and secure timelines. Make it plain that you are here to facilitate company goals by ensuring that the business is not exposed the regulatory scrutiny that comes from poor planning.
There are myriad cautionary tales that you are welcome to relay at your discretion, but I hope you can approach this with a tone of positivity. While you may be holding the map, you are all in the same boat.
For more ideas about how to be influential, take a look inside my book.