A recent report from PricewaterhouseCoopers demonstrated that as technology becomes more complex, companies will need to increase their governance efforts to stay in compliance with industry regulations. The survey warned that many compliance efforts have hurdles to overcome before they can be completely effective.
"Technology is still not enabling governance, risk and compliance the way it could. Many companies are still not leveraging for efficiencies. Even worse is that at the same time, technology - social media and the explosion of data and devices - is making compliance more complex." said PricewaterhouseCoopers analyst Sally Bernstein.
More data and devices means more need for data quality
tools. The constant input of data from employees with mobile devices means large amounts of possibly contradictory records entering systems. Data quality efforts can make sure that the data is visible to employees and regulators, de-duplicated and collated.
According to Bloomberg, there may soon be a new consequence for regulatory noncompliance. The source reported that the Public Company Accounting Oversight Board's chairman, James Doty, recently called for the right to publicize compliance enforcement actions, as an aid to future auditor awareness. Currently, the organization does not make its cases and their results public as the SEC does.