Monday, March 18, 2013

Compliance 5 years before and 5 years after

Different people might have different opinions about the changes in Compliance happened in last 5 years. But the basic thing that has happened is govt's has formulated new rules and companies are trying to adhere more and they have ways to do it and more and more tool and techniques has come to the forefront. Earlier companies were thinking that it is mandatory to pay fines and get caught in the legal battles and hence used to put some amount of money as bad debt to pay these fines but now with better education and knowledge sharing they are looking to overcome the compliance hurdle. Now they are thinking about cost of no-compliance vs cost of compliance i.e what they have to pay as fine vs what they can pay to create compliant organization.

This is more and more going to be prominent in the next five years with the advent of more and more vendors and tools the real time monitoring and assessment becomes possible and hence the frequency of assessment has gone down and companies are looking for Real-time assessments and measurements.  New technologies for capturing data, analyzing the data and monitoring compliance risks on a real-time basis will supplement  the existing techniques for monitoring compliance program performance. Overall companies are looking for a single platform based compliance where all areas of corporate compliance is connected and the compliance officer can have a holistic view to control all..

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