Data breaches, corrupt executives, customer scams, insider trading.... If it seems like a large, murky sea out there with respect to risk, you're not mistaken. As a result, companies around the world are increasing their investment into compliance programs, while asking CIOs for considerable tech support, according to a recent survey from PwC. The third annual State of Compliance 2013 Survey indicates that companies in both highly regulated and "less regulated" industry sectors have established formal compliance leaders and teams. The IT department is helping generate fact-finding tools, such as employee surveys. Social media, of course, is playing a major role as well. All of this is helping contribute to what's becoming an increasingly "big picture" issue. "Managing compliance is not just a functional necessity—it's a critical component needed to successfully navigate the turbulent global environment and deliver against the business strategy—especially in the wake of high-profile cases and recent events around the world," says Bobby Kipp, a partner with PwC who oversaw the study, along with Sally Bernstein, a PwC principal. Nearly 800 executives from the U.S. and U.K. took part in the research. For more about the survey, click here.
People Power 37% have increased staffing for compliance within the last 12 months, and only 7% have decreased such staffing.
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