The Compliance Journey | KPMG | BE

The Compliance Journey

The Compliance Journey

Compliance officers today face many challenges in their compliance journeys.

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Compliance officers today face many challenges in their compliance journeys. The pace of regulatory change is swift. Regulatory requirements and expectations globally are constantly changing. New technologies and analytics are becoming increasingly important. In addition, there is continuing pressure to reduce costs and improve efficiencies at a time when the roles of the Compliance Officer are expanding beyond mere regulatory and legal compliance to include a wider range of concerns such as ethical standards and sustainability.

The many challenges in this current environment elevate the need for Chief Compliance Officers (CCOs) to develop a risk-based strategic vision for compliance. Such a vision is stronger when it is based on a robust understanding of the organization’s current regulatory environment as well as the likely trajectory of regulatory change. The CCO can then utilize this information to prioritize core investment activities consistent with the compliance vision. Successful realization of the compliance vision will depend on the Board, senior management, executive leadership, and each of the three lines of defense sharing the same perspective and working toward the same goal.

To understand how organizations are responding to this changing environment, KPMG LLP (KPMG) surveyed CCOs from major organizations across seven industries regarding their compliance activities. KPMG’s CCO Survey addressed the nine components in KPMG’s proprietary Compliance Program Framework, including compliance risk assessment, governance and culture, technology and data analytics, and monitoring/testing, among others. By examining specific compliance activities across these nine program components, we believe the CCO Survey results can provide CCOs with vital information on how other organizations are managing compliance as well as highlight leading practices to consider implementing consistent with their organizations’ risk profile and risk tolerance.

We trust that the CCO Survey results will provide you and your organization with valuable insights into additional program enhancements for you to consider.

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