of UK respondents cite skills shortages as a challenge to using tech to manage compliance risk
of UK respondents use data extraction tools to assist real-time monitoring efforts
of UK respondents use technology to monitor employees’ policy compliance
of UK respondents say they provide targeted training in Cybersecurity risks
With the rapid pace of innovation and technological change comes a more expansive and dynamic risk universe, including greater regulatory risk.
Today’s compliance risk management requires more-responsive and more-predictive processes and monitoring, frequent updates to policies, ongoing training and communication, and high levels of efficiency in order to manage costs while expanding risk coverage. Without a strong technological underpinning to help compliance functions operate in real time, all of these requirements are challenging, if not impossible, to meet.
Our global study which included participants from the UK, sought to understand how technology is helping leading companies become more agile and more effective in their compliance and ethics risk management efforts.
Notably, our study found that only 15% of UK respondents are very satisfied with the effectiveness of their compliance programmes. We call those respondents Leaders. Leaders are driving forward by implementing progressive practices in all aspects of compliance risk management and by using information and technology to increase programme effectiveness.
We identified two other distinct classes of organisation in the study - Fast Followers and Strivers - with each making use of new technologies to innovate in their compliance activities in different ways.
Leaders have demonstrated a greater likelihood to: