Multinational organizations, and those on the path to becoming one, face seemingly insurmountable challenges in navigating regulations facing their business from every country in which they operate.
Shifting political and societal landscapes, endless new or revised regulations, and industry adoption of new technologies all contribute to the difficulty of managing global regulatory compliance.
Yet, considering that organizations lose an average of US$4 million in revenue due to a single, isolated non-compliance event, compliance must be a priority — not an afterthought.
How can multinational companies manage global compliance? It’s a complex problem, but regulatory compliance software has emerged as a powerful solution. Sometimes called RegTech, this emerging technology allows companies to stay ahead of regulatory changes — rather than waiting to fail an audit to discover a new regulation.
In this article, we will explore the common challenges multinational organizations face and how they can better manage global regulatory compliance. We’ll also explore our new partnership with RegTech company CUBE and how its technology will enhance our services.
The Challenges of Global Regulatory Compliance
Global companies across nearly every industry have similar challenges in their efforts to comply with global and federal regulatory obligations. Common challenges include:
The rapid adoption of new technologies: New technologies such as AI, IoT, and machine learning bring both reward and risk to the compliance space. Regulatory agencies work fast to tackle the emerging risks posed by these technologies, which means new regulations for your compliance teams to manage. For example, the widespread adoption