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Rosalyn Harris July 24 2008 12:11:11 AM
Eight quick facts on compliance
1.There is ample evidence that compliance is a customer and reputation issue, and if not managed well, can have an important impact on revenues and profits. Institutions’ reputation with customers has become more closely related to their compliance abilities over the last five years, and this trend is expected to continue over the next few years.
2.In a Deloitte Dbriefs for Financial Executives webcast on compliance management, 49 percent of the surveyed participants said that technology tools are essential for the integration of compliance and performance.
3.In the world of healthcare, the threat of a HIPAA compliance audit is the strongest driver for security initiatives.
4.According to research by Ernst and Young, compliance continues to be the primary driver of information security improvements and a top-ranked influencer in risk management integration. Risk management is considered a top priority for 2008, according to research by KMPG.
5.In response to the new Federal Rules of Civil Procedure (FRCP), companies engaged in e-discovery are now routinely being asked by the courts to produce vast quantities of information in a relatively short period of time.
6.Over one in five employers (21%) has had employee e-mail and instant messages (IM) subpoenaed in the course of a lawsuit or regulatory investigation.
7.In their Chronology of Data Breaches, The Privacy Right Clearinghouse reports that the total number of records containing sensitive personal information involved in security breaches in the U.S. since January 2005 is 234,111,062…and counting.
8.Over the last five years, compliance with regulatory requirements has become more challenging. Many financial institutions also believe that compliance with their internal policies relating to external regulatory requirements has also become more challenging over the same period.
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