New Survey Suggests 87% of Compliance Professionals are Currently Evaluating New Technology in Their Department.
In February and March 2023, we asked over a hundred regulatory compliance professionals to share their thoughts on the state of regulatory compliance today. We received 127 responses from professionals in a wide range of industries – from financial services to manufacturing to healthcare – and the results are in!
We wanted to provide insights into the challenges, trends, and best practices in the regulatory compliance field, as well as discuss how organizations and individual professionals are adapting to the evolving regulatory environment.
The online survey questionnaire was designed to cover various aspects of regulatory compliance, including:
- The impact of regulatory changes;
- The most significant challenges faced by organizations;
- The strategies used to achieve compliance;
- The use of technology in managing compliance;
- Levels of job and role satisfaction.
To achieve that, we ensure a diverse range of roles, including chief compliance officers, general counsels, and compliance, regulatory, and risk managers. The participants came from a variety of industries, such as finance, gaming, healthcare, technology, and manufacturing, among others. Their organizations ranged from small and mid-sized enterprises to large corporations.
Here are the key takeaways from the survey:
- According to the survey, 62% of respondents did not start their career in a compliance role, indicating that most compliance professionals enter regulatory compliance in their organization after working in a different function.
- The median compliance department operating budget of survey respondents is between $250,000 and $500,000.
- The vast majority of compliance professionals are highly satisfied with what they do, as nearly 98% of them said they enjoy their job.
- An overwhelming 89% of respondents believe that their job in compliance has become significantly more difficult over the past few years.
- 58% of respondents said that the biggest challenge in regulatory compliance is keeping up with the frequency of regulatory change.
- The vast majority said that less than 60% of their compliance activities are automated.
- A whopping 87% depend on manual processes to manage compliance and 82% of respondents use spreadsheets to manage regulatory compliance.
- It is not surprising that 87% of respondents said they are currently evaluating the use of new technology within their compliance department – or will be doing so within the next year.
- The survey shows that respondents use different measures to gauge the success of their efforts to comply with new regulations. The most common measure, chosen by 39% of respondents, is compliance with internal standards and improved audit results.
There were 32 questions in total, painting a picture of today’s most prominent challenges faced by both the compliance function and the organizations it serves. This includes the constant evolution of the regulatory landscape; not enough resources to address the constant change; and a heavy reliance on manual processes which leads to a growing interest in using technology to improve compliance practices.
There is also a call for more collaboration between the regulatory bodies and industry professionals to create balanced and effective regulations that enable innovation while protecting consumers and the public interest.
To view the entire survey, please visit our 2023 State of Regulatory Compliance Survey page to download a free copy.