Between March and April 2020, businesses had 3,000 regulatory updates to deal with. But the compliance workload was huge even before the Covid-19 pandemic. In 2019, businesses received 200 regulatory updates a day, compared to just 10 a day in 2004.

The size of the workload is only one piece of the puzzle. For many organizations, the bigger problem is that their policies and procedures are scattered everywhere, buried in spreadsheets, siloed documents, and email trails dating back years. This adds more complexity to compliance's already difficult job.

It's hard enough to keep up with a constant stream of regulatory updates.