The Critical Need to Improve Compliance Processes
Two-thirds of the organizations surveyed are using spreadsheets to manage compliance.
Depending upon one’s perspective, compliance activities are either a fortunate fact of life for most organizations because they can minimize the risk associated with running afoul of various governmental and best practice obligations; or they’re an unfortunate part of doing business because of the cost and effort required to manage them properly.
The research discussed in this survey report paper found that most organizations must comply with a large and growing number of compliance obligations. However, compliance is time-consuming and takes already limited staff time away from other tasks, it’s fraught with risk because of the potentially severe consequences associated with a failure to adequately satisfy these obligations, and the current processes in place in many organizations are not adequate to meeting current compliance obligations, nor are they scalable to meet future ones. In short, compliance is necessary, but most organizations have not implemented the processes and tools necessary to manage the compliance process efficiently.
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