Governance risk and compliance: A cross-functional priority
Embrace regulations as more benefit than burden
For many organizations regulatory compliance is at the top of the list and 42% of executives surveyed expect the size of their compliance teams to grow.1
A combination of Brexit, the modernization of EU privacy rules and a heightened focus on climate change have put regulatory reform squarely into the spotlight.
Regulatory reform is no longer just a job for compliance. The new requirements are affecting all departments within the enterprise—from marketing to legal to IT through to HR. Therefore, it’s hardly surprising that organizations report that the volume and pace of regulatory change is the top concern, followed by putting those changes into operation.2
Surge ahead: Speed compliance with information governance
To get ahead of compliance requirements, you need the right information governance (IG) tools. But with numerous IG solutions saturating the marketplace, how do you distinguish real value from the hype?
Start with this Gartner report, Hype Cycle for Legal and Regulatory Information Governance, to get details on:
- More than 20 IG technologies, ranging from file analysis and predictive analytics to enterprise information archiving and contract life cycle management, that help you maintain information compliance
- Specific use cases for each technology to assess whether they are right for your organization
- Technology evaluations, according to maturity level and benefits, that help distinguish hype from real value at a glance
Most importantly, you’ll get practical advice on whether to leverage the technologies and guidance on how to make the most of them.
Compliance is good for business
Having a strong compliance posture builds customer trust and brand loyalty, which means lasting and positive business relationships. In fact, consumers gravitate towards brands that publicize their compliance practices.3 And studies also show that companies that are able to link business risks with strategic imperatives tend to achieve better profit margin growth.4
Yes, penalties from non-compliance can certainly hurt and potentially destroy business. But compliance doesn’t have to be a necessary evil. Why not make compliance a positive differentiator across the enterprise?
Conquer compliance now
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In the US alone, approximately 23,000 regulatory measures are proposed annually across industries.5 How do companies stay ahead of all the requirements?
Learn the latest information governance and compliance management trends and best practices.
Learn the top 5 compliance challenges facing organizations and how you can overcome them.
Test your compliance IQ - Take the quiz
Knowledge is key to overcoming risks and non-compliance. Take this 1-minute quiz to find out whether you’re a compliance genius or a generalist.
- 1 Thomson Reuters, Cost of Compliance 2017.
- 2 Ibid.
- 3 Asset Stock Price and Business Case For Compliance, 2015.
- 4 PWC Risk in Review, Decoding uncertainty, delivering value, April 2015.
- 5 Lexis, Nexis, Save time on compliance with the New LexisNexis® Legislative and Regulatory Alerts & Summaries.
Hype Cycle for Legal and Regulatory Information Governance, 2016, Jie Zhang, 5 July 2016: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.