As compliance regulations continue to grow, organizations struggle to stay compliant. Some of the challenges relate to staying on top of frequently changing regulations, making sure documents and procedures are accurate and up-to-date, and staying ahead of new regulations in different territories. As a result of the increased complexity, many companies are rethinking how their legal department should function.
In fact, many companies have decided to outsource these complex compliance issues to outside firms. According to findings in Legal Outsourcing Outlook 2022, a survey commissioned and published by Wolters Kluwer CT Corporation, outsourcing has become an effective way to respond quickly to shifting market conditions without the expense of a full-on department. A full 93% of legal or corporate compliance departments have outsourced work to legal and compliance service providers in the past three years. The report also states that more companies are planning to increase outsourcing over the next three to five years.
