{"id":9593,"date":"2021-08-05T09:00:25","date_gmt":"2021-08-05T09:00:25","guid":{"rendered":"https:\/\/crigroup.com\/?p=9593"},"modified":"2024-01-23T14:40:25","modified_gmt":"2024-01-23T14:40:25","slug":"how-risky-non-compliance-to-business","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/how-risky-non-compliance-to-business\/","title":{"rendered":"How Risky is Non-Compliance to Your Business?"},"content":{"rendered":"
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How Risky is Non-Compliance to Your Business?<\/span><\/strong><\/h2>\n

Last year we saw our fair share of AML (anti-money laundering) failures and violations, resulting in eye-watering FCA and HMRC fines. According to Ponemon Institute and security company GlobalScape <\/span>recent report<\/span><\/a>, the annual cost of non-compliance to businesses now runs an average of $14.8 million, a 45 per cent increase since 2011.<\/span><\/p>\n

In recent years, adhering to the laws and standards and monitoring the Compliance of business processes has evolved as a major concern for business owners. Meanwhile, the range can be anywhere from $2.2 million to $39.2 million. On the other hand, the cost of Compliance was found to average $5.5 million, up 43 per cent from 2011.<\/span><\/p>\n

Staying compliant with ever-evolving regulations has become an \u2018obvious\u2019 business imperative, and failing to adhere to these regulations can put organisations in a fix. Before we dive into the risks of falling into the \u2018non-compliant dungeon, ‘ let\u2019s understand corporate Compliance. Operating in a multiplicity of countries inevitably also means complying with any local regulations.<\/span><\/p>\n

VIEW RISK MANAGEMENT BROCHURE<\/span><\/a><\/p>\n

What is Corporate Compliance?<\/span><\/strong><\/span><\/h3>\n

Compliance at the corporate level involves adhering to a wide range of rules, regulations, laws, and standards designed to protect every aspect of your business. Right from obeying safety guidelines to following the standards for paying wages, an organization must comply with all the local, state, and federal laws.<\/span><\/p>\n

Monitoring the Compliance of business processes with relevant regulations, constraints, and rules during runtime has evolved as a major concern in practice. Monitoring refers to continuously observing possible compliance violations and includes predicting their occurrence. Since the concept of business process compliance is vast, approaches related to process monitoring are hard to identify.<\/span><\/p>\n

The cost of non-compliance and monetary fines have continuously increased in the past few years. However, business owners are becoming impatient, as these consequences would affect the organization. Increased complexity, enforced business changes, and individuals being held personally accountable are all set to continue because of continuous compliance failures.<\/span><\/p>\n

Why is Compliance Crucial?<\/span><\/strong><\/span><\/h3>\n

The following are six fundamental reasons why an organization should implement statutory Compliance.<\/span><\/p>\n