For many organizations, the costs associated with remaining in good standing or being compliant can become overwhelming. These constraints become even more challenging when you look at business operating in multiple locations and operating out of several different countries. We learned that when doing business outside of the US, it is important to engage legal entities outside the US to help guide in all legal (compliance is one of them) situations.
Ted Nunez writes, “What’s needed is a workable strategy and affordable tools for managing compliance risks across the enterprise. For many companies, the most cost-effective way to identify and mitigate a range of risks involves leveraging the right technology and automating the process” (Managing Compliance Risk in a Tight Economy, page 1).
Technology allows many organizations to automate and streamline many business practices. This also sets up or creates a set business protocol for how contracts and other correspondence can be accounted for or approved before it becomes binding.
As mentioned in the article, the regulatory landscape is not on steady ground right now. We have had many cases where products have been found unsafe, corruption has been discovered in many facets of large organizations (not just banks) and finally we have some companies that don’t have enough oversight to ensure their business practices are legit or safe (BP oil spill). While all of this is going on, the government wants to have more say so with a deficit in the trillions.
More regulations are being sought at a time where many companies are still feeling the affects of a recession. This has challenged how we look at spending, regulation and what we can do to ensure less rampant activity in the future. As I mentioned earlier, technology and software is being introduced to many organizations that is built to detect and inform the officers of an organization any possible activity that could become or will become harmful to...
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