The most popular and comprehensive Open Source ECM platform
Let us know more
Compliance: A Growth Business in Consulting
With legislators globally cranking out new and revised compliance regulations every few months, what can a company do to sort it all out? Changes related to Sarbanes-Oxley have been grabbing a lot of the headlines, but it’s not only Sarbanes-Oxley. Consider these reports:
- May 23rd. SEC Adopts new Guidelines for Sarbanes-Oxley
- June 5th. S&P Unveils Three-Level Approach to Basel II Capital Rule
- June 14th. Coming to America: The EU Privacy Directive
- June 15th. Fuzzy Understandings of FERPA
- June 14th. Deadline Approaches on HIPAA Rules for Wellness Programs
- June 14th. MiFID — best execution still a concern — and the Boat sails on
Clearly top on the list for most companies is just finding out what legislation is out there and which things directly affect their business. What legislation do they need to be compliant with, and how can they achieve compliance?
There is a cottage industry that has grown up around advising companies about how to respond to compliance legislation. Compliance consultants are cropping up everywhere, usually specializing in one particular type of legislation.
In the UK there is the Association of Professional Compliance Consultants (APCC), for consultants who advise firms regulated by the Financial Services Authority. While there doesn’t seem to be an equivalent association in the US, there is certainly no lack of businesses in the US performing compliance consulting services.
As long as legislators continue to see a need for strict oversight of all aspects of running a business, and as long as those legislators continue to see a need to tweak the rules governing that oversight, Compliance Consulting will continue to be a growth business.
