Compliance functions are rethinking how they deliver enterprise-wide services and be more responsive to rapidly shifting business needs. Our study highlighted several developments, including:
- Becoming more proactive:
Compliance functions are maturing, shifting from a reactive and advisory role to become a proactive partner to the business. Our study also reveals that there is an increased commitment to establish a culture of shared compliance responsibility across the enterprise. To that end, nearly half of our respondents plan to upskill their compliance staff to drive a culture of compliance across the enterprise. And about 40% plan to invest in new tech to achieve this goal.
- Using advancements in technology and data:
Over half of study respondents say they are using leading technologies to strengthen their compliance function. More than nine in 10 respondents (93%) agree or strongly agree that new technologies such as artificial intelligence, and cloud make compliance easier by automating human tasks, removing human error and making the process more effective and efficient.
- Responding to cost pressures:
Our study clearly shows that the cost equation is a growing challenge for the compliance function. In fact, nine in 10 respondents expect evolving business, regulatory, and customer demands to increase both their compliance-related and compliance operating costs by up to 30% over the next two years.
In response, 90% of study respondents have moved compliance resources to lower-cost locations. And 41% say they are already “right-shoring” routine compliance tasks and activities to countries that provide the best efficiency/cost combination.