As demands on compliance functions rapidly increase, so do the risks associated with failing to meet these demands. Given the rising number and complexity of regulations, continuing shortage of talent, and constant pressure from shareholders to reduce operating costs, now is a good time to consider alternative sourcing strategies. To help mitigate these risks holistically, companies may:
Invest extensively in compliance talent, regulatory experts, training, process excellence, quality, and technology
Seek an outside solution, such as outsourcing
Design a program that combines these two approaches (selective outsourcing)
Deloitte's new whitepaper, Meeting Compliance Challenges: Leveraging the Value of Outsourcing, discusses that it is more essential than ever to have clear and effective compliance processes in place as regulatory bodies continue to enforce an increasing number of compliance mandates. This is particularly true in the life sciences and financial services industries, both of which have come under particularly heavy regulation in recent years. The paper discusses the value of compliance outsourcing to the organization, its operating cost, and its go-to-market strategies as it endeavors to meet compliance challenges at country-specific and global levels.
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