May 2009 - Organizational exposure to compliance risk is rising while the cost of compliance soars. Additionally, the ad hoc, reactive approach to compliance brings complexity, forcing business to be less agile. Organizations typically address compliance as singular issues and obligations; as a result they have multiple initiatives working in isolation to respond to each regulatory requirement. These isolated compliance initiatives tend to rely on manual processes burdened with costly assessments managed through spreadsheets, often proving costly and unreliable.
This modus operandi is not proactive and makes it diffi cult to adapt to new regulatory requirements while increasing pressure and anxieties on management, employees, and business relationships. Without a holistic and streamlined view of compliance, organizations will continue to be burdened with the data overload and complexity of compliance data for management reporting. Organizations need complete visibility into a portfolio of compliance obligations spread across distributed, complex business processes and relationships.
