CULTIVATING A CULTURE OF COMPLIANCE
R&C: To what extent are you seeing a greater focus on compliance efforts among companies in today’s business world?
Cropper: There is no question that compliance has a greater focus today than it did 10 years ago. Since the Wall Street crash in 2008, daily alerts in regulatory activity are up 600 percent, globally. However, it is not just activity that is on the rise; compliance spend, compliance hiring and regulatory fines have never been higher. The need to hold organisations and individuals accountable for compliance related breaches is more visible and public in nature. There is significant pressure for organisations to demonstrate their compliance and, more importantly, to prove they are doing it effectively.
Delgado: It is not just the significant increase in regulation that has been at the root of the clear increase in the focus on compliance, especially in highly regulated businesses around the world, but it is the also the accompanying clout that has been given to many of the regulatory authorities. Fines are now truly punitive and the shift from corporate to personal liability is a highly significant factor in driving the ever-greater importance businesses are placing on compliance.
Jan-Mar 2018 Issue