Enhancing Cross-Departmental Collaboration for Improved Risk Management

Enhancing Cross-Departmental Collaboration for Improved Risk Management

The Navex 2024 State of Risk & Compliance Report highlights the importance of cross-departmental collaboration, particularly by sharing technology and data, which strengthens risk and compliance (R&C) programs. 

While the survey didn’t directly ask about the impact of shared technology on these relationships, the findings imply that better technology integration could enhance collaboration.

Respondents ranked their relationships with Compliance (58% strong), Data Privacy (53%), and Risk (53%) as the most robust, with lower scores for Information Security, Audit, Finance, Human Resources, and Sustainability. A similar pattern emerged in sharing technology systems, with Compliance, Risk, and Data Privacy leading.

The report underscores that while a culture of ethics and compliance is essential, technology sharing is a practical tool for bridging departmental silos. For instance, better cross-departmental collaboration between Compliance and Human Resources could prevent miscommunication about case statuses, leading to more accurate reporting and faster resolutions.

The data suggests that improving collaboration with Human Resources is a priority, with HR ranked lower in both relationship strength and technology sharing. This disconnect invites organizations to assess and potentially enhance how different departments share technology and data, starting with HR.