Compliance: The Final Frontier?


Nowhere am I so desperately needed as among a shipload of illogical humans.  –Spock in ‘I, Mudd’

If we look into the compliance program crystal ball, what will the future show?  A “shipload of illogical [compliance] humans” or something completely different?

If we take a step back and look at the compliance landscape, we can draw a picture of what the future will look like.  Right now, we have companies developing new and exciting compliance products – background checks, internal investigation software, training and certification programs, financial and forensic accounting services, lawyers offering compliance advice and checklists, and blog practitioners providing “free” advice. 

As customers/companies become more sophisticated in fulfilling their compliance needs, the industry will mature.  Into what?  All you have to do is look at any market history of other comparable services.

Vendors and practitioners will consolidate and offer more one-stop services to increase convenience.  Background check services will merge with investigative services to conduct more thorough due diligence at a one-stop location which will combine database and boots-on-the-ground investigative services.  Financial accounting audits which focus on “material” transactions will be joined with forensic accounting audits to produce a single accounting audit report — one that will identify all potential bribery risks.  Training professionals will work more closely with legal practitioners to meet the demand for more sophisticated training programs.  With the growth of the global economy, compliance services will be designed to operate seamlessly in Asia, Europe, Latin America and North America.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Michael Volkov, The Volkov Law Group | Attorney Advertising

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