LOS ANGELES -- Regulatory compliance is extremely important and still too costly, but companies that do it well are the most credible business partners, according to a recent survey conducted by Mainstay Partners and Polivec Inc., developer of industry's first policy-driven Governance, Risk and Compliance (GRC) platform.
Polivec released the survey results here today at the opening of the Ethics and Compliance Officer Association's Annual Business Ethics and Compliance Conference at the Hyatt Regency Hotel. The complete report is available at www.polivec.com/ policy.
The survey, which polled business executives, compliance officers, and IT leaders, indicated strong consensus on the need for enterprise-wide perspective and strategy for achieving regulatory compliance. It also demonstrated that executives disagree on who is ultimately responsible for compliance, on compliance's actual costs, and on how to budget for compliance.
A majority of surveyed organizations rely on manual, paper-based methods to manage compliance. More than half of senior managers are unaware of recently developed technologies that cut compliance costs and increase operating efficiencies.
The Promise of GRC Platforms
"For companies who take compliance seriously - and by far most of them do -a tremendous opportunity awaits to reap major savings and build their value of their brands. They know intuitively what needs to be done - seizing the initiative and centralizing control of compliance through better technologies like Polivec's. But they are unsure of how to go about it or where to start, " said Polivec CEO Kim Nelson.