In the complex realm of corporate compliance, Chief Compliance Officers (CCOs) are navigating a landscape filled with challenges, as highlighted in the recent KPMG International survey of 765 CCOs from around the world.
The theme of this year’s survey centers on the anticipated pressures of heightened regulatory expectations and scrutiny over the next two years. These pressures underscore a strategic awareness within the compliance domain, acknowledging the need for adaptability in the face of evolving regulatory frameworks.
Strategically, CCOs are honing in on critical areas of improvement, with cybersecurity taking a prominent role. This strategic emphasis reflects a proactive stance against escalating digital threats. Simultaneously, there's a focused commitment to data privacy, underscoring the industry's dedication to safeguarding sensitive information. Technology assumes a pivotal role, with CCOs foreseeing an increased budget — a strategic acknowledgment of technology's integral role within compliance. Alongside this, there's a parallel narrative of expanding compliance teams, recognizing the synergy between human expertise and technological advancements.
Beyond the strategic focus, the survey explores emerging challenges, such as new regulations and the integration of data analytics. Boards are expected to play a more active role in compliance oversight, emphasizing a strategic collaboration between leadership and compliance functions.
This survey offers a glimpse into the industry's commitment to keeping up with regulatory changes, leveraging technology effectively and fostering a robust culture of compliance. Explore the full report for a complete understanding of the complexities shaping the compliance landscape and find out key actions organizations can take to enhance their compliance efforts and help navigate the evolving regulatory environment.
