MyComplianceOffice Blog

Compliance is expensive. But non-compliance can cost you even more. Businesses paid nearly $26 billion in compliance-related fines globally in 2017, aside from the severe reputational damages that accompanied those monetary losses. That’s according to a recent article in Forbes by Julie Myers Woods, CEO of Guidepost Solutions.

The CEO of any financial firm will tell you regulatory compliance is one of their organization’s greatest challenges. The compliance part is easy. Regulators tell a firm what to do. Then they must do it or face often severe legal and financial penalties along with reputational damage. It’s HOW to create and implement effective compliance programs in efficient and affordable ways that presents issues for firms.