The escalating costs of financial crime have placed immense pressure on businesses across industries. A recent report reveals that compliance expenses in the UK have surged to a staggering £21,400 per hour, a 33% increase since 2021. This translates to a colossal annual compliance burden of £38.4 billion, which is roughly three-quarters of the UK government’s defence spending.
A new report by leading compliance software and eLearning firm VinciWorks has revealed how companies can take advantage of this increased spend through smarter investment in compliance tech. For every £1 invested in compliance technology, smart purchases can deliver an ROI of at least £3, if not even higher. Companies using compliance tech can lower costs by as much as 30-50%.
Beyond financial gains, compliance technology offers a range of benefits. It can boost procurement efficiency by 25% and dramatically reduce compliance issues by 70%, freeing up valuable resources.
“Compliance technology offers a dual advantage,” said Nick Henderson-Mayo, Director of Learning and Content at VinciWorks. “Not only does it deliver immediate cost savings through reduced personnel hours and averted fines, but it also strengthens an organisation’s overall risk posture. By investing wisely in technology, firms can safeguard their reputation, enhance operational efficiency, and achieve long-term sustainability.”
“Asking the right questions is crucial to maximising ROI and ensuring that compliance technology delivers tangible value. The need to spend money is there. It’s about spending smarter.”
VinciWorks has released a new guide ‘What can technology do for compliance?’ to help organisations the landscape of compliance technology, including information on how to audit needs and assess different vendors. By understanding their audit requirements and conducting thorough vendor assessments, firms can make informed decisions and avoid costly mistakes and being fleeced by the latest fad.
