Effective Compliance: What’s it Worth To You?
It may sound counter-intuitive, but enterprises need to spend money on compliance in order to save money. The costs associated with potential settlement fees, fines, remediation, business interruption and business that is lost altogether have to be balanced against the perceived benefits of two unnerving approaches: “do nothing” or “do the bare minimum.”
A February 2010 Open Pages report on non-compliance costs showed that compliance failures could leave enterprises paying out billions. From BAT Industries’ tobacco settlement at $73 billion to Cinergy pollution at $1.4 billion, think: "How much is compliance worth to me?"