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.
Reinvent the compliance function
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:
Embrace resilient, cost-efficient operations
As efficiency expectations escalate, an intelligent compliance model that uses insights to unlock value, can help businesses outmaneuver uncertainty. Shifting focus from transactions to strategy.
Integrate automation to quickly identify risks
31% of compliance leaders report that a lack of standardization and data quality remain barriers to progress. Compliance needs to adopt automation to simplify testing, governance, and analytics.
Attract and retain future-ready talent
76% of companies have gaps between skills they need and skills they have. Compliance professionals need an agile team that knows the regulatory environment so they can respond to emerging challenges.
Outmaneuver uncertainty with confidence
Companies that put the wheels in motion and embrace an intelligent compliance operating model can look forward to sizeable gains, such as:
Reviews completed on time
To achieve positive business outcomes, a managed services provider with proven intelligent compliance solutions can make a critical difference.
Bold leadership and agility can set the stage for an operating model transformation. Including implementing the right technologies and attracting the right talent to successfully move a compliance function forward.
Now is the time to plot your path toward intelligent compliance operations.
Client case studies
US bank steps up anti-money laundering controls
A US bank set up a secondary line of defense against financial crimes, avoiding millions in potential penalties. Read more.
Global bank bets on knowing its customers
A global bank transforms its KYC compliance operations to avoid penalties and improve customer experiences. Read more.