Top Reasons Compliance Programs Fail and How to Minimize Exposure

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Skyrocketing Costs

Compliance Challenge #2: Skyrocketing Costs

According to Thompson Reuters, more than one billion accounts were compromised last year alone, costing organizations globally up to $1 trillion dollars in losses. In this current threat landscape, regulations and standards continue to increase exponentially, causing many organizations to experience governance, risk and compliance (GRC) like a constant, never-ending root canal…without painkillers, while spending massive amounts of money and time on research, hoping they're getting it right.

Organizations must find ways to reduce audit and compliance costs by properly defining system scope and related control requirements. This can be done by leveraging a comprehensive compliance framework that provides guidance across a wide range of standards, laws and individual mandates.

Companies are struggling to understand and implement the right policies and controls to meet ever-evolving compliance mandates. Yet strict adherence to individual compliance standards means they've likely implemented controls they do not need, while inadvertently leaving out important controls necessary for an effective program. This cookie-cutter approach can actually leave organizations more exposed than ever before to potential security risks and controls failures.

In this slideshow, Unified Compliance CEO, Craig Isaacs, explores current compliance gaps, major compliance challenges and practical tips to create more effective compliance programs.

 

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