Fifty-Eight Percent of Chief Compliance Officers Say Compliance Not Sufficiently Integrated into Corporate Strategy, Consero Survey Finds
Bethesda, MD (Feb. 15, 2016) – A majority (58%) of Chief Compliance Officers report that the compliance function is not integrated sufficiently into corporate decision-making and strategy, according to a new survey by Consero Group, an international leader in creating high-level, invitation-only events for senior executives. The results were reported as part of the Global Corporate Compliance & Ethics Data Survey, compiled by Consero Group in partnership with The Red Flag Group.
Additionally, when asked to describe the greatest impediment to their department’s progress, the second-greatest proportion of respondents cited senior management buy-in at 16 percent, behind insufficient staffing at 22 percent. A great majority (96%) of respondents said they reported to either the General Counsel, Board of Directors or Chief Executive Officer.
“While Compliance Officers’ influence on decision-making and strategy has grown over time, there remains a great deal of opportunity for compliance integration,” said Paul Mandell, Founder & CEO of Consero Group. “By working across the C-suite and leveraging their teams, today’s Chief Compliance Officers can prove the worth of their function to ensure that the organization navigates a tough compliance environment effectively.”
“We are pleased to partner with Consero for the Global Corporate Compliance & Ethics Data Survey,” said Scott Lane, Executive Chairman, The Red Flag Group. “These findings yield valuable insight for Chief Compliance Officers to help keep their departments and companies moving in the right direction.”
Additional findings from the Global Corporate Compliance & Ethics Data Survey included:
· Forty-Two Percent of Execs Not Confident with IT Support: A plurality of Chief Compliance Officers reported that they are not confident in their IT department’s ability to support the compliance needs of their organization.
· Asia Pacific Highest Geographical Region of Risk: Nearly half (49%) of executives believe that the Asia Pacific region poses the greatest compliance and ethics risks to their business operations in 2016.
· Insufficient Staffing Greatest Impediment to Department Progress: The highest percentage of respondents (22%) reported insufficient staffing as the greatest impediment to their department’s progress.
Founded in 2010, Consero Group is an international leader in creating sector-specific events for senior-level executives in industries that include: Legal, Compliance, Shared Services, Customer Experience, Finance, IT, HR and Procurement, among others. Based in Bethesda, Maryland, Consero is best known for transforming the executive experience through intimate, invitation-only programs in a sophisticated learning environment with high-level content. For more information on Consero, please visit www.consero.com.
About The Red Flag Group
The Red Flag Group is The Compliance Firm® that helps companies turn compliance into a competitive advantage. Founded in 2006, the firm has offices and research centers in the United States, Europe, Asia, Africa, and Latin America. Our professionals include former in-house counsels and compliance officers supplemented by a diverse team of forensic accountants and regulatory officials, all tasked with building innovative and cost-effective solutions for our clients.
As one of the world’s leading independent corporate governance and compliance firms, we provide thought leadership to major corporations worldwide and assist them in creating and maintaining customized and integrated compliance solutions that add value to their business.
We co-develop our solutions with our clients, focusing on implementing best-in-class risk mitigation practices that align with their strategic goals. Our suite of services comprise tailored project advisory, due diligence covering more than 190 countries and technology solutions, including our proprietary ComplianceDesktop® Technology Platform, which allows compliance professionals to easily track, manage, and monitor their global compliance programs amid the ever-changing regulatory landscape.
For more information, contact us