2018 State of Compliance Study

Getting ahead of the watchdogs: Real-time compliance management

28%

of respondents cite skills shortage as a challenge to using tech to manage compliance risk
46%

of Leaders use data-warehousing and extraction tools to assist real-time monitoring efforts
66%

of Leaders use technology to monitor employees’ policy compliance
49%

of Leaders say their monitoring of cybersecurity compliance is very sophisticated

Is your compliance and ethics program poised to stay ahead of the changing risk landscape?

The business risk landscape continues to evolve and has challenged the compliance and ethics efforts of organizations worldwide. Leading compliance and ethics organizations are prioritizing cultural impact and embracing technology to increase their effectiveness.

Current state of compliance program effectiveness

Download 2018 State of Compliance Study

Stakeholders expect compliance and ethics functions to protect the organization. What can your function be doing to enhance its capabilities, protect the business and position itself to stay ahead of emerging regulations?

What are effective compliance programs doing differently?

Leaders have demonstrated a greater likelihood to:

Invest in tech-enabled infrastructure to support a modern, data-driven compliance function
Increase compliance-monitoring effectiveness through analytics and use of technology
Streamline policy management to increase responsiveness and boost policy and procedure effectiveness
Take advantage of information and technology to provide targeted, engaging, and up-to-date compliance training

rate their compliance program as well above average relative to their peers

say their organization is more innovative than their peers

say their organization gets significant value from its risk management program

say their internal audit function contributes significant value

anticipate revenue growth of at least 5% for the next three years

"The increasing velocity of information and the 24-hour news cycle are changing the stakes in compliance."

Alistair (Al) Raymond, Chief Compliance Officer, Avangrid Service Company

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Characteristics of a comprehensive, tech-enabled, compliance strategy.

Tech-enabled infrastructure

Technology helps organizations manage compliance in a dynamic and expansive risk universe. Leaders more often use data analytics tools, dashboards and continuous monitoring than their peers.

Technology enhanced compliance monitoring

Leaders are gleaning more benefits from technology use in monitoring efforts. Compared to their less effective peers, they are more responsive and even proactive in mitigating compliance issues.

Streamlined policy management

Leaders take several steps to strengthen their policy management. They more often keep their code of conduct, policies and procedures current and make them easily accessible across the organization. They also more often enable this streamlining through policy management technology, such as GRC tools, and measure the effectiveness of policies and procedures comprehensively.

Information-based and technology driven training

Leaders’ compliance training and communications are comprehensive and current. They are often using multiple sources of information to inform and target their training and are thinking creatively about new ways to digitally engage employees in training activities. Leaders' approaches to training positively impact their organizations’ overall risk profile as they aim to minimize activities that potentially place the organization at higher risk.