The High Cost of Compliance

Corporations spend millions of dollars on compliance programming, but clearly, malfeasance remains deeply entrenched in both private and public business sectors. Understandably, companies are frustrated with the increasingly high cost of mandated compliance training programming, especially due to their lack of efficacy. Despite this, corporations continue to invest thousands and even millions of dollars on detective and prescriptive compliance software because they are afraid of the liability exposures if they don’t. But it’s not enough to simply have software in place to detect or correct fraud because when it comes to the FSG, (Federal Sentencing Guidelines), corporations must be able to show that their programming has efficacy.

No compliance program can be effective without a human component that engages employees and provides them with good reasons to keeps them on the path of compliance. Sadly, too many companies believe that software alone, and or, an employee’s checking of a box to confirm their understanding of company policies is enough to keep the company safe from bad actors, or in compliance with state and federal regulatory agencies. A static compliance program is not only not an effective deterrence strategy, but also leaves companies exposed to in-house fraudsters who can cost them thousands, if not millions of dollars in lost revenue, and hard won reputational value.

The WCWP has developed a new approach to deterrence which will be a game changer for compliance training. This new application is not only guaranteed to drive employee engagement, but is also highly affordable for any size business. Regulatory agencies are not impressed by how much a corporation spends on compliance programming, but rather, how EFFECTIVE that programming is.