As of late, you may have seen a greater number of large corporations making headlines in enforcement actions. This signals that even the largest players struggle to keep up to date with the slew of new or revised regulations, making the need for better solutions glaring.
In the world of regulatory compliance, the only constant is change. Regulatory updates are released at an overwhelming pace, fines for non-compliance are becoming heftier and more frequent, and the information overload from different databases requires more resources—in time, manpower, and budget—than ever before.
The scale and complexity of regulatory developments across many industries have outpaced the ability of in-house regulatory teams to manage compliance effectively.
In the meantime, organizations require globalized compliance strategies directed at the growing number of jurisdictions and continue to pressure the compliance function to have more foresight rather than reactive adjustments.
Mitigating risks and analyzing the impact of regulatory changes is more challenging every day. However, many of today’s most innovative companies are still managing their regulatory compliance programs manually.
Why? Because, internally, regulatory compliance has often been seen as a cost center rather than a revenue generator. Where as, in reality, compliance helps avoid destructive risks and improve operations that drive revenue. With today’s inflection on corporate responsibility and reporting transparency, regulatory compliance can be a competitive advantage. More investment is needed in next-generation technology and tools to help the in-house compliance function be proactive and serve up foresight rather than hindsight.