Organisations are confronting an evolving risk landscape, and data management is a top concern. Implementing and tracking regulatory changes are the top two greatest challenges compliance professionals expect to face this year.
However, many compliance teams report that they lack confidence in the metrics they track and do not have access to key data to help them manage compliance risks. In recent PwC research, 41% of executives noted that their systems cannot process large volumes of data from different sources, leading to a situation where unprecedented data proliferation is overwhelming internal controls and creating operational, financial, and reputational risks.
Furthermore, failure to identify past incidents and crises is putting additional pressure on both regulators and management to visibly improve their ability to identify new risks earlier and take effective action.
As a result, risk and compliance functions are looking to fill critical gaps in skills, resources, and strategic outlook to achieve a data-focused approach to monitoring business activities to achieve: