How to maintain a strong compliance function in a remote/hybrid working environment, using ESG as both the objective and the driver

The new realities of the workplace have had a significant impact on how compliance experts are engaging staff in organisations across all sectors and in particular in the financial services sector. Remote/hybrid working arrangements as well as flexible hours have changed the way people interact with each other and how they live and absorb the company's culture. It has also led to an increase of existing risks, such as cyber risks, and created new risks, such as inspections from authorities of staff members' homes. In addition, an increased focus on Environmental, Social and Governance (ESG) principles in the corporate space presents challenges for companies from a regulatory point of view, in terms of dealing with new compliance requirements, requiring additional resources to cover reporting requirements and exposure to reputational or litigation risk. However, this paper sets out a number of opportunities that companies can benefit from by leveraging their ESG activities to attract and retain talent. This paper details the abovementioned challenges, laying out the main consequences that have been observed. It also offers a number of practical tips to leverage creative and novel methods to cultivate a culture of compliance, despite the challenges of the new realities of the workplace, and it gives insights on how to leverage ESG to promote compliance and general staff engagement.