Accenture’s 2016 Compliance Risk Study uncovered good and bad news for the compliance risk function.
On the plus side, demand on compliance is growing—both in scale and in complexity. But the increased need has been met with slowed growth in the compliance function’s stature.
To keep pace with demand, the compliance function will need to change. But how? See our 2016 study for some starting points.
Accenture’s 2016 Compliance Risk Study surveyed more than 150 leading compliance officers
from banking, capital markets and insurance institutions around the globe.
The study gleaned these insights from respondents:
The Accenture 2016 Compliance Risk Study results point to several trends—as well as a need for the function to offer more tangible, sustainable outcomes.
According to the study:
Demands on compliance have been rising. As business functions have become more complex, so, too, has the need for compliance support.
The compliance function’s growth in stature is slowing. Two years ago, more compliance officers were winning seats at the executive table. That trend appears to have stalled.
When improving operations, compliance organizations should focus on delivering meaningful results—in response to more complex expectations—with fewer resources.
In response to these trends, we believe compliance leaders will need to keep making the difficult choices that support delivering excellent risk management services, and keep asserting a leadership role within the business.
Accenture believes now is the time for compliance to start building its function of the future. These action steps can help:
Reassert and clarify the compliance function’s role and mandate
Improve resource utilization
Prioritize high quality data and technology architecture advancements
Develop strong compliance talent
Communicate the results of what may become a multi-year transformation journey
The window for mobilizing and delivering early results is short. Compliance officers can begin now to shape the compliance function of the future.
LEARN MORE ABOUT THE FUTURE OF COMPLIANCE IN OUR 2016 COMPLIANCE RISK STUDY [PDF]
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