Editor’s note: This is the final article in a three-part series on risk management. Earlier articles focused on identifying risk and transferring risk through insurance.
Regulatory compliance is one of the biggest challenges for companies today and has become its own industry. A Google search of “regulatory compliance” returns more than 39 million hits in less than a second, and it’s not hard to find people who believe that this has become the biggest risk issue for companies. It is easy to understand why. Even before the financial crisis, the number of statutes and regulations in effect was staggering. With heightened focus on the financial sector, new oversight bodies and ever-increasing reporting requirements, considerable effort is required just to understand what regulations apply to your company, let alone to actually comply with them. The good news is that complying with your regulatory obligations presents a risk area that is readily susceptible to control. In many ways, regulatory compliance is a microcosm of risk management itself: identifying applicable regulations, developing and evaluating compliance methods, cost-benefit analysis of what approach best fits your needs and goals, and regular review and modification as necessary.
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