It is a challenge because the pressures on corporate compliance are complex. How companies and government agencies choose to address compliance issues can have a material impact on performance.
Regulatory bodies are now requiring an unprecedented level of focus on critical issues, specifically on data reliability, integrity, and security. As regulations increase, stakeholder demands also increase. Consumers now look more closely than ever at a company’s privacy and data protection policies, and businesses are reaching further across global supply chains to make new demands on vendors and system integrators.
While some organizations aim only to meet minimal compliance requirements, more and more companies today are choosing to address compliance from a strategic perspective. Organizations are taking a proactive approach to build a comprehensive set of capabilities in security and availability that can lead to cost savings and performance improvements.
The benefits associated with a strategic approach to compliance include, but are not limited to, the following:
- Improving security while simultaneously enhancing asset availability
- Strengthening governance, risk mitigation, and compliance programs
- Enhancing performance through operational cost reductions or revenue protection
- Improving strategic positioning with capabilities that can help enhance competitive advantage and streamline merger, acquisition, divestment, and consolidation strategies
Wilson Consulting Group can help your organization develop a strategic compliance approach.
Achieving these benefits requires organizations to develop a clear understanding of domestic and international regulations that apply to their operations and industry. Compliance assessments and audits are essential to sustain the viability of a system and to avoid violating of the law, while meeting statutory, regulatory, security,and contractual obligations.
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