--- title: Post-Coronavirus Regulation Will Force Companies to Spend Billions On Compliance. Here Are The Opportunities. | Trends by The Hustle description: "The Signal: The coronavirus crisis is forcing governments in the US and Europe to make regulatory changes on the fly.The" image: https://www.nlopchantamang.com/hubfs/Imported_Blog_Media/George-Mason-Dodd-3.png --- ![](https://www.nlopchantamang.com/hubfs/Imported_Blog_Media/George-Mason-Dodd-3.png) **The Signal:** The coronavirus crisis is forcing governments in the [US](https://www.axios.com/medicare-advantage-2021-regulations-coronavirus-fb017bf9-2b8a-47c5-b00e-95255bc97b7f.html) and [Europe](https://atlanticcouncil.org/commentary/explainer/european-union-regulatory-changes-during-coronavirus/) to make regulatory changes on the fly. The post-crisis world will see significant regulatory changes in regard to health care and disaster preparedness. And these changes will cost companies billions in compliance costs. According to research by [Rice University](https://news.rice.edu/2019/09/13/bank-compliance-costs-jumped-more-than-50b-a-year-after-dodd-frank-act-rice-expert-finds-2/), the Dodd-Frank Wall Street Reform & Consumer Protection Act following the 2008-09 financial crisis “roughly doubled the number of regulations applied to U.S. banks, which hiked their compliance costs by more than $50 billion per year”. Costs included compliance salary expenses, auditing, consulting, data processing and legal fees. Further analysis by [George Mason University](https://www.mercatus.org/publications/regulation/dodd-frank-one-biggest-regulatory-events-ever) showed that the number of new regulatory restrictions created by the Dodd-Frank Act dwarfed the combined impact of every other Obama-era administration law. In addition to the fact that there is significant coronavirus-related changes coming to global regulatory regimes, existing compliance training have 2 underlying factors that make the industry ripe for disruption: - **Major corporations *have* to pay for it: **As a way to head off future liabilities, [corporations spend millions of dollars every year](https://hbr.org/2018/03/why-compliance-programs-fail) on compliance training according to research by the Harvard Business Review (HBR).  - **Current compliance training programs are ineffective**: According to the same HBR research, many training programs have end goals that are very light on information (eg. completion of a program is considered sufficient vs. actual understanding). Further, because of these seemingly trivial outcomes, employees find the programs a waste of time. **The Opportunity:** Moving forward, the compliance industry will only grow with corona-related bills adding to the likes of the aforementioned Dodd-Frank Law as well as [Health Insurance Portability & Accountability Act (HIPAA)](https://en.wikipedia.org/wiki/Health_Insurance_Portability_and_Accountability_Act), [Sarbanes-Oxley](https://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act), the [General Data Protection Regulation (GDPR) ](https://en.wikipedia.org/wiki/General_Data_Protection_Regulation)and the [California Consumer Privacy Act (CCPA)](https://en.wikipedia.org/wiki/California_Consumer_Privacy_Act).  Our research identifies 4 categories of compliance training that present opportunities to create new solutions: ## Related Articles [![](https://www.nlopchantamang.com/hubfs/Imported_Blog_Media/Screen-Shot-2020-03-17-at-10_57_34-AM-3.png) ](https://www.nlopchantamang.com/articles/stories-from-the-trends-community) [COVID-19](https://www.nlopchantamang.com/tag/covid-19) [how to](https://www.nlopchantamang.com/tag/how-to) [Membership Required](https://www.nlopchantamang.com/tag/membership-required) [Articles](https://www.nlopchantamang.com/tag/articles) [q and a](https://www.nlopchantamang.com/tag/q-and-a) ### [We Talked to 30+ Companies About Their Strategies for Coping with Coronavirus. 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