Compliance Risk Management in the Age of Big Data

According to the research outlet Statista, by 2025, global data creation is projected to grow to more than 180 zettabytes. The number of bytes in a zettabyte is equal to 2 to the 70th power, also expressed as 1 sextillion bytes. One zettabyte is approximately equal to one billion terabytes! Big Data is also New Data, most of it created in the past couple of years.

In 2020, the amount of data created and replicated worldwide reached a new high caused by the increased demand during the COVID-19 pandemic. Increased people worked and learned from their homes and used home entertainment options more often. Statista concludes that “the total amount of data created, captured, copied, and consumed globally is expected to increase rapidly”.

What does this explosive growth of information mean for compliance risk management?

For compliance risk managers, this extremely impressive growth in data creation means only one thing: the number of documents they will need to be aware of, read, review, edit, modify, update and use as the basis of compliance measures is going to grow, as better information and fresh data spur regulatory reform.

For companies serving multiple jurisdictions, the complexity will increase with the number of jurisdictions and regulatory bodies involved. For example, in the USA there are federal and state-level regulations, however, some health and safety issues, such as those related to potable water are also regulated at the municipal level, bringing the total number of jurisdictions in the USA to well over 42,000! Companies operating regionally or internationally will face an even more complex regulatory landscape.

Manual compliance risk management processes will not survive

To streamline compliance processes, regulatory requirements are often incorporated within internal company documentation or used as part of the workflow, involving teams across an entire organization. In these cases, it is mission-critical for a company to have access to the most recent regulatory information in a format that allows incorporation into these internal documents, policies, checklists and guidelines.  Doing it the traditional way by manual revision and curation is simply no longer feasible. The volume of changes prohibits a manual approach and most importantly – the regulatory data needs to coincide with the existing document flow in a company, which is very likely to be fully digitized.

Citation Manage™ supports smaller companies with a digital solution

At Citation Compliance™ we have provided a digital-native way of tracking, managing, and modifying regulatory documents for compliance risk management since 1996. Our compliance management solution is tailored to meet the compliance management needs of companies of all calibre, including medium and small enterprises. Such companies might have delayed automation of their compliance processes but are now facing the need to digitize and automate, to minimize inefficiencies and remain competitive in the age of Big Data.

Citation Manage™ curates collections of regulatory documents at the jurisdictional level that are relevant for multiple compliance scenarios within 18 subject areas. The regulatory data comes digitized and ready to be ingested by your internal information management system to create derivative documents such as policies and guidelines.

Get in touch today to learn how Citation Manage™ works for you in the age of Big Data.