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The costs of risk management and compliance (R&C) programs continue to soar year-over-year and can hinder an organization’s ability to grow. Although the problem is most acute in highly regulated industries, it can affect organizations in all sectors, of all sizes, regardless of investment and overall technological sophistication.
Take, for example, a global tech company faced with escalating R&C costs. With the goal of saving $100 million, the business embarked on a journey to reimagine its risk management program. The company unlocked significant savings while also helping reduce its exposure to control weaknesses.
Opportunities for R&C cost savings and improved performance are often hiding in plain sight. They’re hiding in the silos of various programs — each developed over time in response to different regulatory pressures, each with its own priorities, incentives, systems and processes, often operating without coordination across the lines of defense. In the example above, the company ultimately realized 50% cost savings in its SOX compliance costs and 35% in its quality assurance spend.
What did this company do differently? It seized the opportunity for transformation with a horizontal view of program inefficiencies across silos. In our experience, even leading-edge risk and compliance programs today can still find ways to cut costs by roughly 20% while also improving the quality needed to manage increasing regulatory complexity.
Start your journey towards a streamlined, cost-effective, and high-performing R&C program today.
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