Regulatory Compliance Governance as a Tool of Strategic Knowledge Management in Entrepreneurial Ecosystem
Riga Technical University 57th International Scientific Conference "Scientific Conference on Economics and Entrepreneurship" [CD-ROM] : SCEE '2016 : Proceedings 2016
Anita Straujuma, Elīna Gaile-Sarkane

Recently in European Union RCG often is understood as a tool for companies which are operating in heavily regulated sectors like financial services. Nowadays proactive strategy toward regulatory compliance becomes a part of strategic knowledge management in almost all industries. The total market value for RCG software expenses is increasing year by year. In scientific literature it is mentioned 32 billion US dollars on 2008 (Hagertly et.al 2008) and it is continuing to increase. A lot of companies, especially in US, analyzing costs of RCG and loses caused by lack of RCG in a company admit that there are not only substantial financial losses but also high risks of a damaged reputation, decreased shareholder value and severe fines. “The extrapolated average cost of compliance for 46 organizations is more than $3.5 million, with a range of $446,000 to over $16 million. The extrapolated average cost of non-compliance for 46 organizations is nearly $9.4 million, with a range of $1.4 million to nearly $28 million” (Ponemon Institute, 2011) “78% of CEOs around the world view increasing regulation as the top threat to business growth” (PWC, Bernstein, & Falcione, 2015). “Almost a third of global executive respondents say that they spend more than 6% of their organization’s annual revenues on governance, risk and compliance activities” (KPMG, 2012).


Atslēgas vārdi
Regulatory Compliance Management, HER management, knowledge management, entrepreneurial ecosystem.

Straujuma, A., Gaile-Sarkane, E. Regulatory Compliance Governance as a Tool of Strategic Knowledge Management in Entrepreneurial Ecosystem. No: Riga Technical University 57th International Scientific Conference "Scientific Conference on Economics and Entrepreneurship" [CD-ROM] : SCEE '2016 : Proceedings, Latvija, Riga, 29.-30. septembris, 2016. Riga: Riga Technical University, 2016, 151.-153.lpp. ISBN 978-9934-10-860-0. ISSN 2256-0866.

Publikācijas valoda
English (en)
RTU Zinātniskā bibliotēka.
E-pasts: uzzinas@rtu.lv; Tālr: +371 28399196