The New Face of Compliance is Adaptable, Data Rich and Tech-Driven, Accenture Report Finds
19 Maio 2022 - 7:59AM
Business Wire
The ever-evolving risk landscape calls for a
more proactive, collaborative approach to reimagining the
compliance function
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:
- Spearhead C-suite participation across functions to
ensure alignment of compliance and business strategies. Establish
an enterprise-wide data and information-sharing process to allow
compliance leaders to integrate their insights for sharing with
senior management and boards of directors. Currently only 19% of
respondents say their risk assessment process is integrated across
lines of defense and levels of control.
- Build a strong technology and data foundation generating
insights at pace for faster and better-informed
decision-making. 52% of our study respondents noted the lack of
data and information to identify and properly assess business
exposure to third-party risks. And 93% of respondents agree that
investments in new technologies such as AI and cloud can create
compliance cost savings not previously possible.
- Overcome the cost challenge by right-shoring resources.
Our study spotlights the “cost shadow” as looming large over the
compliance function, as its leaders face the dichotomy of needing
to invest in people, processes and tools in the wake of
ever-increasing cost pressure. Nine in 10 respondents expect their
compliance-related costs to go up by 30% over the next two years,
yet 72% say their compliance tech budget has remained flat. New
sourcing approaches, like right-shoring resources or outsourcing
compliance operations and regulatory change services, can
significantly increase efficiencies and decrease costs, freeing up
funds to invest in the future.
For more information on Accenture’s Compliance Risk Study 2022
Report, please visit here.
About the Research
Accenture commissioned McGuire Research Services to carry out a
survey-based study of compliance leaders. The Compliance Risk Study
— 2022 Edition research was conducted from August to September
2021, and surveyed 860 compliance leaders including Chief
Compliance Officers, Chief Risk Officers, and heads of compliance
functions. Study participants were sourced from around the world
across 10 sectors: banking; capital markets; energy; health and
public services; insurance; life sciences; software &
platforms; telecommunications; utilities; and travel and
hospitality.
About Accenture
Accenture is a global professional services company with leading
capabilities in digital, cloud and security. Combining unmatched
experience and specialized skills across more than 40 industries,
we offer Strategy and Consulting, Interactive, Technology and
Operations services — all powered by the world’s largest network of
Advanced Technology and Intelligent Operations centers. Our 699,000
people deliver on the promise of technology and human ingenuity
every day, serving clients in more than 120 countries. We embrace
the power of change to create value and shared success for our
clients, people, shareholders, partners and communities. Visit us
at accenture.com.
Copyright © 2022 Accenture. All rights reserved. Accenture and
its logo are trademarks of Accenture.
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Michelle Schneider Accenture +1 412 874 0282
michelle.schneider@accenture.com
Accenture (NYSE:ACN)
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