Compliance: Material Cost
Financial reporting, non-financial reporting, regulation and oversight have expanded exponentially since the financial crisis – and, consequently, so has the cost of compliance. To illustrate: in 2018 IFAC (The International Federation of Accountants) and Business at the OECD (BIAC) released a survey, of over 250 regulatory compliance leaders from major global financial institutions, estimating that regulatory divergence costs the global economy over $780 billion USD annually.
Companies invested heavily in data integration, yet the fundamental issues surrounding statutory reporting and compliance continues to plague companies. The question is why?