SecurityRatty: Compliance costs not slowing down - technology automation to the rescue

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Compliance costs not slowing down - technology automation to the rescue

2008-01-28 13:34:00 by Ryan Shopp in practical risk management

Deloitte - Navigating the Compliance Labyrinth offers some great tidbits from recent surveying of financial executives.

Compliance continues to increase - from 2.83% of net income in 2002 to 3.69% of net income in 2006.
Primary costs continue to be driven through applying people, not technology to the problem.
and the kicker from our perspective, measuring compliance performance remains largely a qualitative rather than a quantitative process. Only 55% of financial institutions reported using quantitative metrics, implying a limited application of process management tools and methodology.

Forget the name of the segment (e.g., GRC, IT-GRC, ERM, VM). The bottom line is taking a process management based approach with technology. Commercial solutions (not home grown) that offer enterprises the opportunity to leverage technology automation to reduce people doing mundane/manual tasks producing the result of reduced compliance costs!