February 26, 2016
With legal and compliance groups being submerged in more data than ever required before, organizations are facing a myriad of issues and challenges related to increasing levels of regulatory compliance. Many organizations are navigating how to identify the overwhelming number of laws, rules, and regulations they are subject to and often do not have the technical or legal wherewithal to make those regulations actionable on a scale that reaches implementation at all levels of their organization. The field of compliance is vast and ever changing, demanding a large amount of staff time, research and monitoring that can quickly strain any organization. Furthermore, consequences for non-compliance are often serious and can sometimes be completely crippling.
Thomson Reuters Legal Managed Services recently hosted two events at Google and Northern Trust that brought together senior legal and compliance executives from some of the largest companies in the world, including those in financial services, technology and manufacturing. The two most central themes resonating throughout the events were how to leverage Big Data to enhance compliance programs and how to make regulatory intelligence actionable.
Common themes and attitudes from the Thomson Reuters events included:
- We’re In It Together: Legal and Compliance functions across all industries – whether high tech or more traditional – face similar Big Data compliance challenges. Despite advances in technology, companies remain largely reactive and are now facing mountains of additional risk associated with heightened government scrutiny, exposure on social media, and exponential information growth.
- Sounding the Battle Cry: One of the biggest challenges compliance professionals face is convincing management to focus on Big Data compliance risks. Starting small on easily understood risks and demonstrating ROI can encourage management to look closer at and invest in best practices.
- The Real Real World: Companies want a magic bullet that captures the power of Big Data. Unfortunately, that solution does not yet exist, but by leveraging a legally defensible mix of people, process, and technology, you can quickly improve your compliance program.
Establishing and implementing a comprehensive compliance program can be a daunting project and often organizations do not know where to start or how to obtain reliable best practices. Becoming knowledgeable about regulatory change management solutions and feedback from what industry peers are currently successfully implementing can be tremendously beneficial in weighing an organization’s next steps.
For additional information regarding comprehensive compliance programming and reporting solutions in the market, please register to join Thomson Reuter’s complimentary webinar, The People, Process, and Technology: An Overview of Solutions on March 1, 2016.