Innovation In Compliance With Tom Fox

This week, Tom begins a five-part series on innovation in the compliance function. Seeing as the compliance space is in constant evolution, now is a good time to talk about some innovations and how companies can implement them in their own compliance programs. Today, Tom shares his insight on agile innovation methods that you can consider for your compliance program.In a Harvard Business Review (HBR) article entitled, “Embracing Agile,” authored by Darrell K. Rigby, Jeff Sutherland and Hirotaka Takeuchi, said that agile methodologies “involve new values, principles, practices, and benefits and are a radical alternative to ‘command and control’ style management.” The transition is then accomplished by strategically moving employees “out of their functional silos and putting them in customer-focused multidisciplinary teams."One of the most basic problems is that business executives know only the bare minimum when it comes to agile and its potential dangers. This impedes them from understanding the comprehensive