Compliance Spending Is Increasing

Compliance spending is on the rise. A recent survey done by Pinsent Masons law firm revealed that 73% of compliance professionals in the UK predicted spending associated with regulatory requirements would increase over the next 5 years. 86% of the respondents predicted at least a 20% increase in compliance spending.

Regulatory Law Expert Tom Stocker, of Pinsent Mason, stated, “The research revealed that greater efficiencies could be achieved through a mix of internal compliance resource and the strategic use of compliance technology and outsourced services.”

Key Numbers Takeaways From This Survey

1. 50% of respondents were looking for a software solution as a part of their compliance efforts

2. 70% of respondents expect a board-level increase in compliance spending over the next 12 months

3. 66% of respondents said the potential for reputational damage to business was the biggest level of concern at the boardroom level

4. 53% of respondents said corporate escalating corporate fines were a factor in searching for software solutions

Other Key Takeaways

1. Sheer volume of regulations created their compliance programs problems

2. Shifting or unclear guidelines and regulations and compliance with different regulatory regimes when operating across borders are also a concerns

3. Dodd Frank and the UK Modern Day Slavery Act (2015) have created significant changes in guideline requirements

The survey concluded with with respondents citing particular challenge with the volume of compliance measures they have to report to. It is important to note that there are resources available to help companies comply with multiple regulations.

Source Intelligence provides a dynamic and customizable program in which you can source and manage the chemical substances used in your products. Global product chemical regulations are continuously evolving. As a supplier, you must have the ability to construct your own product chemical compliance program, tailored to you and your clients’ unique needs.

This is where Source Intelligence shines as the most comprehensive and dynamic compliance software on the market. Source Intelligence’s platform is fully customizable. Meaning that if the regulations your company needs help with aren’t already within the platform, you can request the addition of regulations or laws to fit your needs.