State of Compliance 2016 key findings Industry highlights


In our 6th annual State of Compliance Study, our industry highlights focus on how compliance functions, or those with compliance responsibility in organizations, manage the "business strategy" elements of a compliance program: oversight and responsibility, tone at the top and risk assessment. 

By focusing our study more closely on these three strategic elements of an effective compliance and ethics program, we hope to provide CECOs and other compliance leaders with meaningful information based on the regulatory distinctions of their industries which they may benchmark against and further develop the strategic cornerstones of their compliance and ethics programs.

Industry insights

Explore the key findings below for a deeper dive into the results for key industries. Learn more about our survey and methodology.

       

1. Asset & wealth management industry 

The asset and wealth management industry has always been regulated, but the past few years have seen increased focus. The need for regulatory compliance is still relatively new and not formally defined but in recent years, we’ve seen compliance departments grow and expand in size and scope. We’ve also seen the relationships and expectations of their administrators and counterparties get modified so as to make sure all of the parties agree and understand their responsibilities for meeting regulatory and investor mandates.

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2. Banking & capital markets industry

The corporate compliance function within the banking and capital markets industry continues to grow and evolve, and we expect that growth and evolution to continue for the foreseeable future. The industry is heavily regulated, and therefore the standard business model and all supporting infrastructure must be designed with compliance in mind.

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3. Energy & utilities industry

Based on uncertain markets and new or changing regulatory requirements that may ensue with the new administration, compliance leaders need to be included in strategic planning. These and many other business trends are shaping the way energy and utility companies need to manage their ongoing compliance obligations.

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4. Healthcare provider industry

Regulatory evolution continues in healthcare with increasing scrutiny by external parties, therefore, compliance and ethics programs must be diligent and easily adaptable. Conducting a robust compliance and ethics focused risk assessment will assist healthcare providers in adapting to the changing regulations and requirements while identifying areas of possible exposure.

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5. Insurance & healthcare payer industry

The insurance and healthcare payer sector is extremely dynamic and faces scrutiny by numerous state and federal regulators. The expectations placed upon the sector is vast, and when these requirements are not met, regulators have many levers that can be pulled (e.g., civil monetary penalties (CMPs), enrollment and marketing sanctions, market conduct fines, etc.). Given this environment, it is pertinent for insurance and healthcare payer organizations to have a strong foundation of their compliance and risk management function(s).

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6. Pharmaceuticals & life sciences industry

There are increasing requirements by government for the pharmaceutical and life sciences industry to focus on governance, responsibility and accountability’. Pharmaceutical and life sciences companies have dedicated significant focus and resources to establish effective compliance programs that focus on tone at the top, governance and individual accountability and it is paying off.

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7. Retail & consumer industry

The retail and consumer sector faces a broad range of business trends that are shaping the way retail and consumer companies manage their ongoing compliance obligations. Competitive and economic pressures along with saturated domestic markets are pushing retail and consumer organizations to expand their global footprints. As companies move into new global markets, they need to ensure they have a fundamental understanding of the new cultures, laws and regulations they will face and the new compliance-related risks and challenges these new dynamics will present to their businesses.

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8. Technology industry 

In the technology sector, the compliance function can help an organization distinguish itself among its peers. Connecting compliance to the overall business strategy can help the organization expand into target markets and sectors more nimbly—and promote its compliance posture to prospective customers. Deregulation may be the focus now, but we still foresee compliance challenges in such areas as data protection, privacy, and intellectual property protection. Those areas should remain in focus despite breakneck industry speed.

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Contact us

Brian Schwartz
GRC Technology Enablement Leader, Financial Services Internal Audit, Compliance and Risk Management Solutions Leader
Tel: +1 (202) 729 1627
Email

Andrea Falcione
Compliance & Ethics Leader
Tel: +1 (617) 530 5011
Email

James McKillop
Manager
Tel: +1 (617) 530 7458
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