As the world becomes more reliant on technology for day-to-day activities, it seems that the criminal element is keeping pace. A recent survey shows that businesses are looking for compliance programs to help combat this upward trend. In the third annual State of Compliance Survey by PwC, 800 executives including chief information officers, provided some interesting insight into this issue. The following are summaries of key points:
1. Although compliance concepts seem new, 80 percent of businesses surveyed state they already employ a chief compliance officer. One-third of that 80 percent have had this position for over 10 years. Twenty-four percent use a senior vice president or executive VP to fill the slot while another 16 percent consider it a C-suite level role.
2. Thirty-seven percent of companies show they have increased staff to deal with compliance issues in the last year. Only seven percent have actually cut back.
3. Thirty-six percent have added to their compliance budget in the last 12 months, but only eight percent have reduced funds going in this direction.
4. A whopping 71 percent of these businesses use technology to train employees on risk and compliance initiatives. Training is the top job of the tech department regarding compliance issues, but they also take part in other processes.
- Fifty-seven percent work on document management;
- Fifty-three percent conduct employee surveys;
- Forty-four percent handle case and incident management;
- Forty-four percent deal with policy management;
- Forty percent manage auditing.
5. Surveyed businesses broke down the top risk elements they deal with daily:
- Thirty-two percent listed data privacy as their top concern;
- Thirty-one percent state industry-specific regulations are an issue;
- Twenty-eight percent offer corruption and bribery as key risk elements’
- Eighteen percent worry about safety and the environment.