Accenture’s 2018 Compliance Risk Study results would indicate that companies are overly focusing on current risks instead of taking a proactive approach to new risks coming to the fore, such as the proliferation of virtual currencies and new concerns about corporate conduct. This, in our view, may hinder their growth.
In this volatile risk ecosystem, the idea of phasing development across a multi-year roadmap is challenged by the need for continuous improvement in-line with industry transformations.
Change is no longer optional. To succeed, industry leaders should define a modular transformation strategy that allows them to move at the pace of the digital age.
Compliance is no longer relying upon adding headcount to increase its effectiveness.
Only 22% of respondents have more than 500 people in their compliance function, a significant drop from last year.
Despite reductions in headcount, compliance spending is slated to increase over the next two years.
The focus of this spending is changing from people to technology.
Compliance is facing a major gap between skills required and skills currently available, especially in the wake of new technology investments.
For more on how compliance can respond to this issue, download the infographic:
Compliance functions that commit themselves to continual and targeted innovation can expect to keep up with the technological demands of the landscape. Our study discovered that industry leaders are adopting a personal blend of three investment approaches:
Focus on creating your own in-house capabilities. Design and deliver proprietary innovation to any combination of operating model, workforce, technology and data architecture.
End-to-end solutions from third parties that can bundle leading plug and play technologies, innovation and skilled resources to rapidly deploy leading edge processes.
Leverage managed services and industry utilities that mutualize the cost of ownership across firms with similar needs on a “pay as you go” basis.
Accenture Finance & Risk offers a flexible approach to compliance transformation, supporting and bringing to life your chosen strategy.
Whether you build, buy or subscribe your way to innovation, we help you combine these approaches into one integrated strategy. Our knowledge and experience helps compliance remain a relevant control function and become a strategic advisor to the business while addressing an ever more complex threat landscape.
Our credentials at a glance:
We assist the world’s leading Financial Services organizations
We are allied with academic institutions, traditional solution providers and RegTech firms
We have an inventory of ~300 Compliance IT solutions, RPA and AI delivery experience