Security News > 2022 > May > Moving toward a more adaptable and tech-driven compliance function

The compliance risk report is based on a survey of 860 global compliance executives across 10 sectors - found that even as compliance pressures continue to increase at speed and scale, significant strides have been made toward establishing a working system that is more responsive and agile.

A substantial number of compliance officers feel a greater emphasis on the function's stature is needed to truly strengthen compliance and uphold its mandate.

"As compliance functions mature from a reactive role to a proactive partner of the C-suite, the next generation of leaders should focus on building a strong model of collaboration and shared success within the function and beyond," said Jason Dess, senior managing director, Global CFO and Enterprise Value lead. "In the face of accelerated transformation, rapid regulatory change, unforeseen crises and mounting data complexity, yesterday's compliance solutions simply won't cut it."

Crucial to strengthening compliance is a rethink of the function.

The report suggests technology and data are key to building a future-ready and risk-proof compliance function, even while technology remains the greatest single challenge and source of disruption for compliance leaders.

"Having compliance at the table is key to guiding companies on how best to mitigate risks, create a compliance culture across the company, and make sound investment decisions to turn the compliance function into a more proactive partner to the business. To evolve with the rapidly shifting landscape, CCOs, CROs and other heads of compliance must engage the C-suite and be open to rethink their business model," said Samantha Regan, managing director, CFO and Enterprise Value, global regulatory and compliance practice lead at Accenture.

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https://www.helpnetsecurity.com/2022/05/30/compliance-function/