Compliance is complex: The rules and requirements can vary based upon your industry, the
products you produce, the processes you operate, and the places where you do business. And it is constantly changing. Speed and
reaction times are essential qualities needed to manage today's regulatory landscape.
Compliance is not a one-year or one-time phenomenon. This isn't Y2K. According to John Hagerty of AMR Research, US companies will spend an estimated $6.1 billion on software and professional services to address regulations that govern their enterprise. This figure represents a 10 percent increase in spending from 2004, and only a fraction of the $15 billion that will be spent on a global basis.1
Regulatory compliance and effective corporate governance are as important to your business as your ability to break into new markets, optimize supply chains, or support the expansion of your growing business. The risk and cost of poor compliance and governance should be evident simply by looking at recent history. So the question begs, what are you doing to prevent compliance disasters in your business? And what can you do better this year to reduce your risk of noncompliance or poor governance? Between changes in regulations (or even interpretations of regulations), increased compliance spending, and adjustments in your own business, gaining control over compliance presents a challenge. What you did right last year could be completely insufficient this year.