In a period of discordant and highly-sensitized public policy and intense regulatory activity, Chief Ethics and Compliance Officers (CCOs) are feeling increasing pressures from Boards and regulators. Areas of key compliance focus include: data protection/cybersecurity, consumer protection and innovative technologies. In fact, a survey of 240 CCOs from the largest Fortune 500 organizations across six industries, conducted in February/March 2023 by KPMG LLP, showed that almost three-quarters (73%) of organizations are set to bolster levels of compliance given increasing regulatory expectations and scrutiny.
“Compliance feels acute pressure to enhance - not only to be more effective and efficient - but in order to meet increasing Board and regulator expectations,” said Amy Matsuo, Principal and National Leader, Compliance Transformation & Regulatory Insights, KPMG LLP. “Technology and data analytic investment to the Ethics & Compliance function is no longer a ‘nice-to-have’, it’s a necessity to help mitigate, measure and identify risk.”
Key survey data also showed that:
1. Increasing pressures on compliance from boards and regulators
2. New regulatory requirements top list of looming challenges
3. Industry regulations top list of key compliance focus
4. Sustainability/ESG compliance is in development
5. Compliance technology & data analytics tops areas to enhance
6. Accountability and talent shortages/retention top workforce worries
Amy Matsuo is the Principal and National Leader, Compliance Transformation & Regulatory Insights, at KPMG LLP. For more information on the CCO survey or to arrange an interview with Amy, please contact Andreas Marathovouniotis.
2023 KPMG Chief Ethics and Compliance Officers Survey
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