Regulatory Compliance 101
Compliance is costly, complicated and dynamic. Most businesses today are significantly impacted and impeded by compliance costs and risks.
Consider the staggering costs: studies show that for every $1 billion in revenue, the cost of compliance programs comes close to $6 million. One study shows the cost of Sarbanes-Oxley compliance alone averages $4 million for companies with $5 billion revenue, and $10 million for companies with $10 billion and more in revenue.
Did you know...
Today, virtually all industries are regulated – including the Banking, Financial Markets, Energy and Utilities, Insurance, Communications, and Medical Devices industries. As an example in the Banking industry, in the United States alone, 70 new studies by 11 different regulators were underway in late 2010, as well as 240 new rule-making processes. There are continually new regulations and modifications to existing regulations with many sets of clauses and sub-clauses – each clause contributing to the creation of a dynamic and frequently changing compliance landscape.
Regulations and standards come from many sources and are in a variety of levels of detail and mandate: industry regulatory bodies, country, region and local governments, international and best practice standards are the major sources.
We could list hundreds of regulations and standards to which industries must or choose to comply, but here are some common ones:
Some of the regulations govern how they build software; many others govern what capabilities must be part of their business, and still others must be implemented in the systems that provide business automation.
And consider that today’s news and trends of mobile and smart device applications, single view of customers across the enterprise, and business analytics to make smarter decisions – they only pile on the demands, risks and costs of compliance.
4 Ways to Better Manage Compliance
So how do Rational’s advancements our application lifecycle management solution help companies manage the lurking dark shadow of compliance with the shiny new objects of innovation and intelligent business? What is required?
Rational’s capabilities provide a means of easing the pain and risk of building systems with compliant features and building them in a compliant way. From integrations with IBM Business Analytics solutions, through portfolio management, enterprise architecture and software development and deployment, we provide a comprehensive and effective solution.
Hear how Chubb Insurance simplified compliance with FSA regulations by embedding it into their everyday business processes
The IBM Institute for Business Value and The Economist Intelligence Unit surveyed the top 200 banks WW
Ascending the maturity curve: Effective management of enterprise risk and compliance
OCEG Benchmark Study 2005
META Group research conducted on behalf of Pric