Penalties, fines, and lawsuits result in massive financial loss and tarnish a company’s reputation. The compliance industry is critical in ensuring that all corporate processes and procedures adhere to the established rules and regulations. Compliance costs and inherent risks have forced significant changes in the products and services offered by some organizations and business operations. Many now see compliance as an investment rather than an expense.
The compliance industry is comprised of companies, organizations, and individuals who are responsible for upholding and enforcing industry standards and rules. Organizations today are realizing that anticipating risks and meeting regulatory requirements can result in business and operational value, such as enhanced data quality and better customer experience.
Traditionally, the compliance functions are organized in a pyramid structure. The majority of the picture is taken up by transaction processing, with reporting and compliance occupying a narrower segment in the middle, and insight and action occupying an even narrower set of functions at the very apex. The goal should be to turn this pyramid upside down by intelligently applying technology to routine processes, allowing people to spend far more time providing insight and initiating action within the business.
Robotic process automation (RPA), remote audits, and integration of innovative governance, risk, and compliance (GRC) tools are a few of the big technological leaps taken by the compliance industry to contribute to business decisions and adapt to the changing business and regulatory environment.
The future of compliance is digital, but it can pose severe threats to cybersecurity, privacy, data ownership, and integrity. The world’s top compliance solutions providers offer the ability to reduce these risks, increase productivity, and improve the overall efficiency of the organization.