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Regulatory, compliance risk tops 2008's biggest strategic business challenges

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Regulatory and compliance risk is the greatest strategic challenge facing global businesses in 2008, according to a new report from Ernst & Young. Other top issues include global financial shocks, aging workforce, and the inability to capitalize on the rise of the emerging markets.

"The continually escalating regulatory burden, as well as ever more complex compliance challenges, means this is still the biggest business risk to be addressed," said Jim Holstein, Head of Risk Advisory Services for Ernst & Young, in a statement. "As companies become more and more global, compliance becomes an even greater challenge, forcing them to manage diverse regulations in different markets."

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