Failure to comply

August 23, 2018

Compliance is a business function that has never been higher up the corporate agenda than it is now. Whereas it was once low-profile, it is now something that every business is aware of and something that most businesses take with the utmost seriousness.

GDPR is the most high-profile regulation in 2018 so far, but we live and work in a world that is increasingly regulated, with each different sector and geography coming with its own regulatory and governance requirements. Financial Services (FS) is a sector that is particularly compliance heavy.

While organisations are mostly aware of the consequences of non-compliance, there is a cost associated with an effective compliance (and wider GRC) function and it is one that many businesses seek to lessen wherever possible. This is a dangerous strategy, that could come with severe consequences for any company.