By Jeffrey Catanzaro - Executive Vice President, Integreon
According to Thomson Reuters data, global compliance regulations increased 5-fold from 2009 to 2019. No rest for the weary…more are on the way as Brexit, the LIBOR phase-out, and other States’ equivalents of CCPA are forthcoming, just to name a few.
Highlights of regulation-specific preparedness among survey respondents included:
- 38% of corporations are still not fully compliant with GDPR, even though the regulation came into force in May 2018.
- 41% of corporations are not fully compliant with CCPA, and 55% are compliant even though CCPA just activated on January 1, 2020.
- 53% of corporations believe they are well-prepared for the LIBOR transition as the LIBOR reference rate expires on December 31, 2021.
- 56% of corporations believe they are well-prepared for Brexit.
- Only 43% of corporations believe they are ready for IM5 (deadline September 1, 2021).