Should I? Or Shouldn't I? The Value Of A Compliance Program

Our industry seems to be struggling with the question of whether or not to commit time, effort and money to developing compliance programs. It's an oversimplification, but you can group our industry into five basic categories on this topic:

1. The early adopters: "It's the law. It's the right thing to do. My customers expect it. It's a good business decision. I'm going to embrace it."
2. The curious: "What do I need to do, and how much is it going to cost? When the ROI proves out, I'll probably develop a program."
3. Those who rationalize: "I test most of the time, and I do factory audits when my clients request them. Not all of my customers are asking for compliance. What I am doing is good enough."
4. Those that resist: "Compliance costs way too much. It doesn't apply to my company. It's someone else's issue; I don't make the product. Clients just want low costs no matter what."
5. The blissfully ignorant: "Huh? Never heard of it. I'm simply not paying any attention to compliance."