DISCUSSION
The Dollars
& Sense of Compliance
Compliance affects nearly every industry, whether through the ethical guidelines for HR practices, safety
standards for products, or the complex legal regulations surrounding the financial industry. Laws and
guidelines from innumerable regulatory agencies protect consumers and companies—but compliance
comes at a cost.
IN THE AGE OF TECHNOLOGY, IT and data safety are key
components of compliance. Look no further than the health-
care industry, tasked with safeguarding data on various levels,
especially in the wake of massive security breaches. Compli-
ance remains one of the most significant challenges for senior
executives, and it may fall on a team or department that has
limited resources to comply with demanding regulations.
UNDERSTAND what meeting regulatory requirements and
standards means for your business from a financial and opera-
tional standpoint and decide how to measure and analyze the
effectiveness of your compliance efforts.
DETERMINE the chain of command and appropriate tasks and
resources needed for optimal compliance, whether through
a chief compliance officer, chief of information security,
compliance team, general counsel, or advisory boards.
COMMUNICATE the significance of standards and regulations
beyond the team responsible for quality. Sharing the conse-
quences for failing these measures throughout every level
of the organization can boost commitment to quality.
EXPLORE lean solutions or leverage existing resources to improve
IT and data security.
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ON THE GROUND
A report from Deloitte and Compli-
ance Week surveying compliance
officers shows organizations are
gaining more authority and support
for effective compliance programs.
However, concerns remain about IT
systems’ capabilities to meet compli-
ance program requirements. Many
surveyed say technology solutions,
including big data and internal tools,
fall short for compliance.
Financial services firms in partic-
ular, including banks, insurers, and
asset managers, face increased costs
and deal with continued regulatory
change, according to a study from
Thomson Reuters. In fact, survey
results from financial firms show
that accurately benchmarking the
total spend on compliance is nearly
impossible, given the broad scope of
what compliance involves in those
sectors, from new technology to
heightened regulatory risk for
cybersecurity, data privacy, and
IT infrastructure.