In Focus: Compliance Trends Survey 2013
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A collaboration between Deloitte and Compliance Week
The 2013 Compliance Trends Survey suggests that compliance officers are making slow but steady progress toward the ideal of a strong, independent compliance function — although in many, but not all, industry sectors (especially the less highly regulated sectors) the size of the “typical” compliance function appears to remain relatively small in both manpower and budget dollars.
That fact of life for compliance executives means that for them to succeed, they should master the art of working with and leveraging resources in other functions (legal, IT, HR and internal audit) to achieve compliance goals and they should continuously communicate to management and the board that a strong compliance function is a valuable strategic asset that not only focuses on risk avoidance, but also looks to find ways to gain strategic advantage from intelligently managing risk.
Within the report, we have combined the deep knowledge and experience of Deloitte with the broad industry perspective of Compliance Week to answer three questions:
- Do compliance executives have the appropriate authority and resources to do their jobs?
- Are compliance executives addressing the right risks?
- Do compliance executives use the right metrics to measure progress?
For some companies, then, success can depend on how effectively compliance officers can raise awareness and promote a “culture of compliance” while also embedding compliance controls into day-to-day business across the enterprise.
Download the report to obtain information that can serve as a guidepost for your own efforts to understand how corporate compliance works best in your company.