According to the Association of Compliance Officers Ireland (ACOI), compliance will be a key aspect of life and business gradually returning to normal levels.
As of right now, with so many working from home and with increased online activity, financial crime and data protection are the two main areas in which Irish businesses are struggling when it comes to compliance issues.
This information comes based on the feedback of ACOI’s members, representing small and large organisations throughout the country.
For data protection, reported issues include the ability to keep personal data secure online and for employees who are now working from home.
Financial crime
Financial crime issues stem from the shift from non-digital, face-to-face transactions and the ongoing monitoring necessary to facilitate these changes.
The ACOI says that dealing with phishing attacks have taken on a new level of urgency as cyber criminals move to exploit those now working in a less secure physical environment and, in some cases, using less secure hardware and software.
Organisations may also have to look at implementing extra layers of sign-off and new procedures for verification. In some cases, there might be a tightening of access controls as roles are redefined.
Michael Kavanagh is the CEO of the ACOI. He says the use of new apps and technology amid the pandemic has triggered significant legal compliance obligations.
CEO of the Association of Compliance Officers Ireland Michael Kavanagh.
"For example, the use of any contact tracing technology or temperature checking measures are being broadly touted, but they will require - at a minimum - a data protection impact assessment under the GDPR," he says.
"This, in turn, will require the involvement of the Data Protection Officer and interplay between the HR and compliance functions.
"Our members have already had to act swiftly to ensure that new business models and organisational structures protect people and comply with the rules and regulations already in place," he continues.
"This is particularly true in the areas of data protection and financial crime."
Compliance officers
With over 3,000 members nationwide, the ACOI believe that COVID-specific compliance officers will be needed to ensure all of the issues businesses are currently facing and will face, as we slowly return to normal business function, can be addressed quickly and solved easily. Kavanagh says if each business had a COVID compliance officer (this could be either an existing compliance officer or another senior employee), both the HSE and gardaí will then have a dedicated member of staff with which to deal, making new necessary procedural changes run more smoothly.
"There appears to be a growing consensus that people will return to work on a phased basis based on national COVID-19 management targets being met, with those working outdoors possibly being the first to return," he says.
"In each workplace, someone will have to assess how employees and customers can adhere to new rules such as maintaining a two-metre distance from colleagues and other customers, and minimising the level of face-to-face interaction. This will need to happen, preferably, before businesses reopen and employees return to work."
According to the Association of Compliance Officers Ireland (ACOI), compliance will be a key aspect of life and business gradually returning to normal levels.
As of right now, with so many working from home and with increased online activity, financial crime and data protection are the two main areas in which Irish businesses are struggling when it comes to compliance issues.
This information comes based on the feedback of ACOI’s members, representing small and large organisations throughout the country.
For data protection, reported issues include the ability to keep personal data secure online and for employees who are now working from home.
Financial crime
Financial crime issues stem from the shift from non-digital, face-to-face transactions and the ongoing monitoring necessary to facilitate these changes.
The ACOI says that dealing with phishing attacks have taken on a new level of urgency as cyber criminals move to exploit those now working in a less secure physical environment and, in some cases, using less secure hardware and software.
Organisations may also have to look at implementing extra layers of sign-off and new procedures for verification. In some cases, there might be a tightening of access controls as roles are redefined.
Michael Kavanagh is the CEO of the ACOI. He says the use of new apps and technology amid the pandemic has triggered significant legal compliance obligations.
CEO of the Association of Compliance Officers Ireland Michael Kavanagh.
"For example, the use of any contact tracing technology or temperature checking measures are being broadly touted, but they will require - at a minimum - a data protection impact assessment under the GDPR," he says.
"This, in turn, will require the involvement of the Data Protection Officer and interplay between the HR and compliance functions.
"Our members have already had to act swiftly to ensure that new business models and organisational structures protect people and comply with the rules and regulations already in place," he continues.
"This is particularly true in the areas of data protection and financial crime."
Compliance officers
With over 3,000 members nationwide, the ACOI believe that COVID-specific compliance officers will be needed to ensure all of the issues businesses are currently facing and will face, as we slowly return to normal business function, can be addressed quickly and solved easily. Kavanagh says if each business had a COVID compliance officer (this could be either an existing compliance officer or another senior employee), both the HSE and gardaí will then have a dedicated member of staff with which to deal, making new necessary procedural changes run more smoothly.
"There appears to be a growing consensus that people will return to work on a phased basis based on national COVID-19 management targets being met, with those working outdoors possibly being the first to return," he says.
"In each workplace, someone will have to assess how employees and customers can adhere to new rules such as maintaining a two-metre distance from colleagues and other customers, and minimising the level of face-to-face interaction. This will need to happen, preferably, before businesses reopen and employees return to work."
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