New Deloitte Whitepaper Helps Organizations Understand How to Meet Compliance Challenges through Selective Outsourcing

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Jun 06, 2013, 10:39 ET

NEW YORK, June 6, 2013 /PRNewswire/ --

What:	"Meeting compliance challenges. Leveraging the value of outsourcing," a new Deloitte whitepaper focusing on the benefits of selective outsourcing of compliance functions

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Who:	Vishal Chawla, principal, Deloitte & Touche LLP

When:	Available immediately

Where:	www.deloitte.com/us/regcompoutsourcing

Details:	Compliance risk is growing, but with skills shortages and high operating costs, few companies are able to dedicate the resources to establish suitable compliance functions. Organizations should, therefore, consider looking to alternate compliance operation models by selectively outsourcing certain functions, according to a new report by Deloitte. This is particularly true in the life sciences and financial services industries, both of which have come under heavy regulation in recent years.

	In the paper, Deloitte discusses its point of view, that as regulatory bodies continue to enforce an increasing number of compliance mandates, it is more essential than ever for organizations to have clear and effective compliance processes in place. Organizations recognize that non-compliance with regulatory requirements can result in a wide variety of costly legal consequences as well as damage to reputation and brand, but a lack of devoted resources is hampering compliance efforts.

	Deloitte also explains the nature of compliance outsourcing, the business case, and how compliance outsourcing can be implemented to both mitigate compliance risk and reduce operating costs.

	The principles behind providing "Compliance as a Service (CAAS)" are also detailed in the paper. Compliance outsourcing providers develop and maintain the necessary talent, knowledgebase, industry knowledge, process frameworks, scalable infrastructure, and global presence. They devote resources to monitoring and understanding regulatory demands. They amortize the costs of compliance across their client base. As a result, compliance needs can be addressed more cost-effectively and liberated resources moved to higher value activities.

About Deloitte's Governance, Regulatory & Risk Strategies

Deloitte's Governance, Regulatory & Risk Strategies (GR&RS) provide consultative services to organizations and their boards that are designed to create and protect value and enhance effective management of their strategic, regulatory, financial, operational and compliance risks on a sustained basis. We help develop sustainable governance, compliance, and risk management programs by helping organizations identify, remediate, monitor, exploit and manage enterprise risks in addition to coordinating the utilization of people, process and technology to improve effectiveness and help manage costs.

As used in this document, "Deloitte" means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.