New legislation always brings with it a raft of new requirements for the businesses that fall under its purview. Then come the products and services designed to help those companies meet the requirements as efficiently and effectively as possible. It happened with Sarbanes-Oxley, with the Health Insurance Portability and Accountability Act, and with the Health Information Technology for Economic and Clinical Health Act.
Now, it's happening with the Dodd-Frank Wall Street Reform and Consumer Protection Act. Except it's happening out of order. The hundreds of regulations that will need to be in place for the act to be implemented are not yet in their final form. In fact, some have indicated that the deep spending cuts preferred by Republicans were designed, at least in part, to delay the act's implementation.
Nonetheless, governance, risk and compliance solution provider Consult2Comply has already announced a new framework for its Compliance Mapper technology that will allow companies subject to Dodd-Frank Act requirements to streamline the process of adding them to their existing compliance framework. In a press release, CEO Steve Crutchley said:
Companies must prepare for the imminent changes and accompanying audits by conducting thorough compliance and risk management program reviews to make sure that they'll meet these new requirements ... Without [automated solutions], the time it will take to determine and validate their compliance profile will take forever and by then, they'll be in the weeds.
Among other things, the Dodd-Frank compliance mapper will reportedly "help identify areas of concern, and show you where changes can impact other standards, regulations and best practices ..."