Toward an Enterprise-wide, Risk-based Approach to Compliance Management
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After severe shocks to the political system, business uncertainty and regulatory compliance are both on the rise. But it’s not just external regulations that companies have to worry about. Organizations also build their own set of internal policies and procedures to limit liability and stay competitive in the market.
Those measures can come with a significant price tag, though: $155 billion for Australian enterprises (alone) looking to administer and comply with self-imposed rules and regulations. Why are business paying such a steep price for compliance?
The harsh truth when we look at the results: compliance costs don’t add up. Companies are investing in solutions but failing to achieve enterprise-wide risk compliance.
So what’s going on? For one, a lack of a centralizing compliance strategy is only exacerbating compliance siloes and exacerbating the challenges. To help you avoid the compliance pitfalls, we’ve created a detailed guide to developing enterprise-wide, compliance risk management at your firm.