Compliance and data security go hand-in-hand. Whether or not a company is heavily regulated, the more fluid atmosphere in which corporate data is now stored and accessed is making more and more companies set up compliance teams. CIOs are finding themselves serving major roles in these teams, providing technical support for managing compliance issues before they happen, undergoing fact-finding to understand issues, and locating tools to deal with breaches once they’ve occurred. PriceWaterhouseCoopers’ 2013 State of Compliance survey findings include the following:
- Compliance is important: Eighty percent of companies have a head of compliance or Chief Compliance Officer, and 40 percent put their compliance head at the senior vice president level or higher. Thirty-seven percent of companies have grown their compliance staffs in the past year and 36 percent have increased their budgets as well.
- The leading use of technology in compliance is training: Seventy-one percent use their IT staff to train for initiatives in risk and compliance. IT departments also support document management, policy management, and auditing.
- Social media is on the watch-list: While only four percent of companies see social media as a major compliance issue, 57 percent of them watch sites for for postings that could indicate compliance problems, and 65 percent have created policies to control how their employees use social media. Forty-five percent also use social media to screen candidates before hiring them.
- Companies are happy with their compliance programs: Eighty-four percent of them feel that their program is moving them towards meeting corporate objectives.