Managing compliance is more important than ever before, but also more challenging.
Companies across industries are facing the ever-growing challenge to maintain compliance. Failure to do so too often results in irreparable damage to brand and stock, as well as incredible costs from fines, penalties and lawsuits. E Coli and Listeria outbreaks within large food retailers are just... two recent examples where companies have suﬀered immense damage to their brands and financials due to failure to comply with regulations and implement necessary risk management measures. Within the energy industry, EPA violations are distributed on a daily basis for failure to comply with stringent pollution and energy efficiency mandates.
Even so, many companies are resigned to pay the costs of non-compliance, because the eﬀort to manually maintain compliance is so great. Mandates such as the Food Safety Modernization Act, Clean Air Act and Clean Water Act require regulatory compliance and risk management in near-real-time and the rate at which new mandates are implemented creates an ever-moving target.