Date: May 19, 2022
The ever-evolving risk landscape calls for a more proactive, collaborative approach to reimagining the compliance function
NEW YORK--(BUSINESS WIRE)--A growing global regulatory focus on consumer privacy and data protection, along with new sustainability measurement and reporting laws is furthering the importance of compliance in supporting operational and environmental resilience. Such a shift is reconfirming the vital role of the Chief Compliance Officer, according to Accenture’s (NYSE: ACN) latest global Compliance Risk Study released today.
Accenture’s seventh edition of its compliance risk report – titled “Can compliance keep up with warp speed change?” and based on a survey of 860 global compliance executives across 10 sectors – found that even as compliance pressures continue to increase at speed and scale, significant strides have been made toward establishing a working system that is more responsive and agile. For example, 95% of survey respondents say they have built or are building a culture of compliance to share the responsibility across the enterprise. Yet, a substantial number of compliance officers feel a greater emphasis on the function’s stature is needed to truly strengthen compliance and uphold its mandate
”As compliance functions mature from a reactive role to a proactive partner of the C-suite, the next generation of leaders should focus on building a strong model of collaboration and shared success within the function and beyond,” said Jason Dess, senior managing director, Global CFO and Enterprise Value lead. “In the face of accelerated transformation, rapid regulatory change, unforeseen crises and mounting data complexity, yesterday’s compliance solutions simply won’t cut it.”
Crucial to strengthening compliance is a “rethink” of the function. This calls for a complete overhaul of the function’s resources, processes and approaches. The report suggests technology and data are key to building a future-ready and risk-proof compliance function, even while technology remains the greatest single challenge and source of disruption for compliance leaders.
“Having compliance at the table is key to guiding companies on how best to mitigate risks, create a compliance culture across the company, and make sound investment decisions to turn the compliance function into a more proactive partner to the business. To evolve with the rapidly shifting landscape, CCOs, CROs and other heads of compliance must engage the C-suite and be open to rethink their business model,” said Samantha Regan, managing director, CFO and Enterprise Value, global regulatory and compliance practice lead at Accenture.
The study identifies several practices compliance leaders can adopt now to move toward a more adaptable and tech-driven compliance function in the future:
For more information on Accenture’s Compliance Risk Study 2022 Report, please visit here.