The New Face of Compliance is Adaptable, Data Rich and Tech-Driven, Accenture Report Finds - Seite 2

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.