A high degree of risk associated with a particular regulation does not necessarily translate into 100% compliance, the survey report said.
Almost 46% of European companies do not comply with Sarbanes-Oxley according to thesurvey of over 500 IT directors sponsored by IT management software company, CA.
The survey, which included over 200 responses from European companies, also found that over a third of European companies still do not comply with Basel II.
Despite the growing burden, costs and complexity of regulatory compliance, the survey found compliance efforts are still often carried out manually.
More than two-thirds of respondents said they maintained information about compliance status in multiple spreadsheets.
Half admitted that their companies do not have central repositories to help identify the regulations and controls that affect them.
Chris Miller, CA area manager for the UK and Ireland, said with some European countries having to comply with more than 20 regulations, it is time to start automating processes that support proof of compliance.
"Organisations are subject to significant business and cost risks when they adopt an ad-hoc approach to compliance," said Chris Miller.