Compliance costs remain a sore point for corporateexecutives, but consultants say the whirlwind of regulationssurrounding businesses these days means skimping on compliancecould end up costing a lot if regulators catch you out.

A recent survey of more than 275 C-suite executives anddirectors conducted by Protiviti and North Carolina StateUniversity's ERM Initiative found that the combination ofregulatory change and heightened regulatory scrutiny was the numberone risk for corporate executives, for the third year in a row.

“Whatever one believes about the cost of regulation, it iswithout a doubt top-of-mind for C-level executives,” said JimDeLoach, a managing director at consultancy Protiviti.