In hindsight we should have taken it in to account?!
You might have the feeling that the 2nd line (compliance, legal, risk) of defence in your company is always a hurdle you have to take. You might even view these departments as blockers in your innovation proces, where you feel they will slow you down. However, they are there for a good reason. If you forget to check your products risks or compliancy with regulations, then you might end up with a failed product launch or even large compliants if you are not compliant. For instance being compliant with GDPR is quite a standard requirements. You can cover this by taking it into your design proces and testing for vulnerabilities. This is what you call Compliance by design.
Compliance by design is a principle that advocates for embedding compliance considerations into the product development process from the very beginning. Instead of treating compliance as an afterthought, this approach ensures that compliance is built into the product from the start, reducing the risk of non-compliance and simplifying the compliance process. One of the key benefits of compliance by design is that it can help organizations avoid costly and time-consuming compliance failures. By building compliance into the product development process, organizations can identify and address compliance risks early on, before the product is released to the market. This can help organizations avoid costly fines and penalties, as well as reputational damage. Imagine your new fintech spin-off for your bank to be succesfull, but having to remediate client risk integrity files from the get go…
Keeping your product up-to-date
Another benefit of compliance by design is that it can help organizations stay ahead of the curve when it comes to compliance. With new regulations and standards constantly emerging, it can be difficult for organizations to keep up with the latest requirements. By building compliance into the product development process, organizations can ensure that their products are always compliant with the latest regulations and standards. Moreover, when you know how processes work and for instance what data is used where you can easily updates these or when things break down, know what the emergy procedure is to handle thing smoothly.
How to implement Compliance by Design?
One way to implement compliance by design is by creating a cross-functional team responsible for compliance in the development process. This team should include representatives from different departments, such as legal, IT, and engineering, and should be involved in the product development process from the very beginning. This team can help identify and address compliance risks, as well as ensure that the product is compliant with all relevant regulations and standards. Take another persons knowledge as something that can strenghten your ideas and design, instead of a hurlde you have to take. Diversity in itself is not only about having people from different etnicities or genders, but it can also be about having different thought patterns and backgrounds to bring new insights and strenghten the product.
Additionally, organizations can use compliance management software to automate compliance and automate the compliance check process. This kind of software can help organizations keep track of compliance requirements and ensure that the product is compliant with all relevant regulations and standards.
In conclusion, compliance by design is a principle that advocates for embedding compliance considerations into the product development process from the very beginning. By building compliance into the product development process, organizations can reduce the risk of non-compliance, stay ahead of the curve, and avoid costly and time-consuming compliance failures. By creating a cross-functional team, using compliance management software and involving all the relevant departments in the development process, organizations can ensure that their products are always compliant with the latest regulations and standards.
Getting ready to launch your product?
If you need any help with setting up this kind of organizational structure or you want to have a second pair of eyes to test if your product is compliant, feel free to reach out to us through any of our channels or directly get silven@coduce.nl involved.
