- The growing complexity of regulatory environments
- Snowballing data and reporting requirements
- Heightened regulatory scrutiny
- Conflicting laws across jurisdictions
- More pressure to demonstrate proof of compliance
If not managed strategically, these factors can drive up the cost of doing business.
Eye-watering fines for regulatory non-compliance continue to make headlines.
In the global financial industry alone, from the financial crisis until the end of 2019, firms have been fined
USD$ 36 billion.
And in the privacy sphere, the Australian Government is introducing tougher privacy laws with higher penalties for non-compliance. For example, the maximum penalty of AUD$ 2.1 million for serious or repeated breaches will increase to whichever of the following amounts are greater:
> AUD$10 million
> 3 x the value of “any benefit obtained through the misuse of information”
> 10% of annual Australian turnover
To stay in the lawmakers’ good graces, avoid crippling fines and maintain customer trust, your business needs a strategy for managing compliance masterfully.