This article is originally posted at TeleMessage.
The term “compliance” often gets a negative connotation, especially in some of the highly-regulated industry such as finance and healthcare. In the U.S. financial sector, for instance, several regulators and organizations are in place to set forth and enforce a plethora of different rules and regulations to ensure a fair and transparent market.
For the public, these regulations are as important as ever, but for companies in regulated sectors, these often mean additional capital outlays for the required technology, additional manpower, and new systems just to ensure compliance. But despite the additional burden that compliance is placing on an organization, there is the main reason why it is an effective way to keep an organization in check: fines.
Monetary fines have been used virtually by all authorities and regulators around the world since time immemorial as a means of instilling compliance to their members. Regardless of how big or small the penalty that can be levied, they are considered as a “necessary evil” across many industries as they emphasize what organizations must do rather than what they want to do.
With that being said, fines and penalties are not always enough to deter companies from breaching rules and regulations imposed by regulators. Over the course of time, there have been several companies, organizations, and even individuals who were charged with an extremely large fine ranging from thousands to even billions of dollars.
To summarize, here are the key takeaways of the infographic below from TeleMessage, which details the highest compliance fines ever recorded in history:
- New York Presbyterian Hospital and Columbia University
- Rio Tinto
- Deutsche Bank
- Goldman Sachs
To learn more about these largest fines – the reason why they were levied, and how much it impacted the non-compliant organizations – check out the infographic below.