We hear a lot about the challenges of compliance in today’s business environment. In articles and speeches every day, experts talk about voluminous requirements, complex and conflicting obligations, fast-paced change, and lack of information—and we nod our heads in agreement and commiserate with each other about how hard our jobs are. We’ve been dancing to this tune for years now.
We are spending lots of money on compliance but we still have lots of gaps in coverage, lots of high risks for noncompliance (many that we don’t see), lots of self-created complexity, and lots of wasted resources. We don’t have enough consistency, enough insight and, most importantly, not nearly enough confidence that we know what our compliance obligations are and that we are addressing them correctly, let alone cost effectively. Even though we know it’s out of tune, we still just hum along to this song called “The Disheveled State of Compliance” and sway in place.
