Hundreds of new industry-specific mandates, such as the Sarbanes-Oxley Act and privacy requirements based on the Health Insurance Portability and Accountability Act, are either now in place or scheduled to take effect in the near future. While compliance with these mandates may seem a daunting task, businesses actually now have an opportunity to make improvements that go beyond mere compliance to increase the efficiency and predictability of operations.
Unfortunately, many organizations don't view compliance with optimism, and it's easy to see why. Compliance means managing and interpreting large amounts of information from disparate sources. This may require significant changes to technology infrastructures, financial reporting, records management and retention, and risk management practices. AMR Research estimates that in 2005, spending on Sarbanes-Oxley compliance could reach almost $6 billion.
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