The concept of compliance has undergone significant changes; the number of regulations, fines, penalties, and reporting requirements related to compliance and environmental, social, and governance (ESG) issues have also increased rapidly.
The concept of compliance has undergone significant changes; the number of regulations, fines, penalties, and reporting requirements related to compliance and environmental, social, and governance (ESG) issues have also increased rapidly.
Organizational exposure to compliance risk is increasing consistently while compliance costs are skyrocketing. A reactive approach to compliance creates complexity and forces organizations to be less agile. Previously, organizations viewed compliance as discrete obligations and created multiple siloed initiatives to meet the objectives. These initiatives typically rely on manual compliance management processes burdened with costly assessments managed using error-prone spreadsheets, documents, and email. This reactive methodology makes adapting to new regulatory requirements and changing business environments difficult.
The primary objective of organizations has always been to improve and safeguard the efficiency and effectiveness of their operations, along with ensuring compliance with applicable laws and regulations. However, implementing these priorities, in reality, can be extremely challenging. Recent incidents of corporate failures and data breaches have exposed businesses’ vulnerabilities, leading to a surge in demand for increased regulatory oversight and a more compliance-focused mindset.
