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.