As the calendar turns to a new year, people around the world set resolutions to better themselves, their lives, and their businesses. For those responsible for regulatory compliance in organizations, there’s a resolution that should be at the top of the list: implementing a compliance work plan right from the start. While this might not be as glamorous as a personal resolution, it is equally (if not more) important.

Compliance with laws, regulations, and industry standards is a necessity. A compliance work plan serves as a roadmap for how an organization will meet its obligations in a structured and proactive manner. Here are a few key reasons why implementing such a plan at the beginning of the year is crucial.