How to Conduct Your In-house Regulatory Survey To Comply and Get Value Out Of Your Efforts
More than 20,000 new regulatory requirements were created in 2015. The complete catalogue of regulations is projected to exceed 300 million pages by 2020. The cost of managing the regulatory environment represents more than 10 percent of all operational spending of many financial institutions and will soon creep in almost all businesses. The current compliance costs are estimated to be $270 billion per year and counting.
Another year of global red tape has cut through the global corporate reporting, and disclosure jungle, forcing companies to create yet another layer of GRC and IT Security recording burden. According to the U.S. Chamber of Commerce, over 3,000 new regulations are in the pipeline for 2016 on top of the 3,300 issued in 2015 that already was introduced.
As a board member or a manager you are faced with the compliance dilemma and the ever-increasing expenses, resources and attention. The 10th annual Governance, Risk Management, Compliance and IT-Security issues event can be a game changer. The 25 speakers and themes will provide guidance to understand the importance or the benefits derived by structured, planned, integrated and automated compliance activities.
Justifiably criticism from The Board of Directors and businesses
With oversight authorities being rather keen on holding The Board and Senior Management responsible for any non-compliance, the regulations now have a direct impact on sales. In the past several years, companies have been forced to accept the advent of both far-reaching law-making such as the UK Bribery Act, Dodd-Frank Act, Markets in Financial Instruments Directive II (MiFID II), and The European Union's GDPR. Another GRC and IT-Security provisions require updating the global risk tolerance guidelines on anti-money laundering and know-your-customer and many other related directives. Also, the uncertainties of foreign tax compliance measures for securities holdings and other compliance issues will increase the spending from the current 10% to much more.
Increasing the burden of regulations constrains business activity
This expense probably cannot be passed on to the customer, due to the continued lack of business growth and therefore has to be taken from shareholder dividends. Therefore each company must start to explore how to address these regulatory changes, both broad and narrow in scope. At the 10th annual GRC and IT Security Summit we will address the following issues so that you can Conduct Your In-house Regulatory Survey To Comply and Get Value Out Of Your Efforts;
- Do you consider the broad scope of new regulation too restrictive? Or any specific provisions or directives? If so, how have these restricted data operations?
- What differences do you see between global regions, when looking at the impact of regulation on data operations?
- Are data management or data governance changes or trends being influenced more by regulation, or by other factors such as cost or efficiency?
- How is much activity and energy being devoted to improving data operations to comply with regulation? Have efforts been adequate to ensure readiness to comply?
- What has been the most notable data operations or governance advance devised as a result of a regulatory compliance need? What benefits may that effort also produce?
The global authorities’ weakness for introducing more regulations laid a global strain on the corporate economy, expanding legal liabilities, and imposing costly reporting, and record-keeping requirements will continue creating the corporate economic drag.
We suggest that you take action on the above and participate in the 10th Annual European GRC and IT Security Summit and get guidance on how to start the journey of reducing the compliance costs. http://www.grcassembly.com/register.htm
