Mitigating risk: Best practices for cross-functional compliance audits

Cross-functional compliance audits are presented as a crucial proactive measure for businesses to identify and address hidden risks across HR, payroll, and finance, preventing future complications. The text emphasizes the importance of collaboration among departments to gain comprehensive insights and avoid oversights that siloed audits might miss. It outlines key steps for conducting these audits, including defining scope, collecting and analyzing data, and ensuring active participation from all relevant teams. Furthermore, the piece stresses the need to translate audit findings into actionable steps with clear accountability and to maintain ongoing vigilance through regular reviews and consideration of external expertise, while also acknowledging the evolving role and current limitations of technology like AI in compliance.