Failures to adequately deal with governance, risk management and compliance (GRC) initiatives are costing the UK economy £1.5bn ($2.3bn) annually, according to new research. The research also suggested that regulations and fear of reputational damage are stifling innovation at UK businesses.

According to the findings from 200 CIOs at businesses with more than 1,000 workers, fears around protecting corporate reputation and complying with regulations result is losses of £1.13m in revenue for the average UK company each year. Adding to this issue is the fact that each company loses over 500 days' worth of productivity each year due to ineffective GRC controls.

"The figures may be the tip of the iceberg," said Martyn Proctor, managing director at su53Solutions, which conducted the research. "Lots cannot be measured and if businesses were being truly honest and really look into it the figure could be far higher."

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