The dawn of the 21st century saw advances in technology that allowed consumers and businesses to communicate and complete routine and complex transactions using a new vehicle – the internet. This new medium quickly became the status quo for millions of consumers to procure everything from mortgage loans to prescription refills. However, every cloud has a silver lining and a dark side. The dark side quickly materialized in the form of corporate mismanagement scandals, identity theft and privacy violations. New compliance regulations began to take shape in an effort to mitigate these issues. These regulations touch every aspect of a business from financial reporting to firewall configurations.
Companies and organizations scrambled to find ways to automate and monitor their businesses in an effort to comply with these regulations. Some companies found themselves responsible for complying with multiple regulatory requirements. The corporate governance industry was born and continues to thrive today.
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