Regulatory compliance is a moving target, a mandate that continually shifts in both scope and complexity. Amidst regulatory change and a rapidly evolving business environment, compliance officers are tasked with sustaining a sound and relevant compliance programme while mitigating costs.
The sheer volume of regulations companies must comply with is ever growing. Even as legislators attempt to lessen the regulatory burdens on companies, new complex vulnerabilities emerge (cyber security, terrorist financing and data privacy, for example). Compliance programmes must have the capacity and agility to manage change effectively.
Non-compliance can cost nearly three times as much as meeting compliance requirements effectively, so it pays to stay compliant. Companies that fail to maintain a sound compliance framework are vulnerable to fines as well as reputational damage that can undermine share price and investor confidence.
When is the right time to invest in upgrades to your regulatory compliance programme?
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