The difference in objectives is one of the main reasons why being compliant is not the same as being safe. Whether looking at Health, Safety, and the Environment (HSE) regulations within the Energy, Industrial, and Manufacturing sectors or cybersecurity legislation within sectors like Health, Education and Financial Services, compliance programs also often fail due to cultural and technical challenges.
On the cultural side, a recent Harvard Business Review (HBR)articleaptly lays out one of the cultural challenges with compliance programs. In citing a Deloitte and Compliance Week study, HBR noted that only 70% of firms ever try to measure the effectiveness of their compliance programs. And of those that do, only a third are confident they are using the right metrics.
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