Across the globe, industry spend on compliance is estimated to be about $270 billion per year. And, with 45 new regulatory-related documents issued every week, compliance costs are on track to account for 10% of global revenue by 2021, a 6% increase from 2020.

A recent Accenture survey revealed that while 87% of survey respondents expect investment in compliance to increase, a sweeping majority report they are targeting compliance cost reductions of more than 10% over the next three years. This means compliance is facing a widening gap between external demands and internal capabilities.

While, at the same time, business leaders are hard-pressed to manage the consequences of an unprecedented pandemic. They must constantly adjust to the evolving needs of employees and customers—all while navigating ever-changing operational and financial challenges.

It’s clear that traditional approaches to compliance no longer work. Instead, compliance leaders need to proactively identify new risks and support sustainable business growth by redesigning compliance operations for the future.

As compliance’s role shifts from being reactive to strategic, its responsibilities are expanding to include risk management and enterprise-wise advisory services. To succeed, today’s compliance officers must:

Companies that put the wheels in motion and embrace an intelligent compliance operating model can look forward to sizeable gains, such as: