The cost of complying ... with everything!Nobody ever said following the rules was cheap. In 2005 organizations will spend nearly $15.5 billion on compliance-related activities, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a study by AMR (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. Research (www.amr research.com). The amount could grow to $80 billion over the next five years. Not surprisingly, the largest line item (for complying with rules ranging from the Sarbanes-Oxley Act See SOX. of 2002 and Food and Drug Administration regulations to the Health Insurance Portability and Accountability Act The Health Insurance Portability and Accountability Act (HIPAA) was enacted by the U.S. Congress in 1996. According to the Centers for Medicare and Medicaid Services (CMS) website, Title I of HIPAA protects health insurance coverage for workers and their families when of 1996 and document and record retention requirements) was internal staff costs. Technology spending was second; it represented some 42% of HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, compliance expenditures. The most expensive initiative? Sarbanes-Oxley, which eats up 39% of all compliance spending. The high costs have caught some companies by surprise. In 2004 almost two-thirds had to pull money from other areas to help fund compliance projects. 2005 $15.5 billion 2010 $80 billion Note: Table made from bar graph. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion