Top risk management related compliance priorities explored in new survey
- Published: Thursday, 02 September 2021 08:38
MetricStream has published key findings from its 2021 State of Compliance Survey Report. Compiled from organizations across various sectors, the survey was conducted to understand the state of compliance programs and the impact of the pandemic on compliance management.
The key findings show that respondents are focused on the following main areas:
- Enhancing regulatory and internal compliance assessments,
- Improving employee awareness with more compliance training, and
- Elevating third-party management.
The survey found that:
- Tracking third-party compliance is the primary concern for almost half the organizations in this survey (48 percent). Manual compliance assessments and processes come a close second (44 percent), followed by the challenge of regularly updating policies and procedures (43 percent).
- 64 percent of organizations said that their top priority was to enhance regulatory and internal compliance assessments.
- 76 percent still manually track regulatory websites to map changes and analyze their impact on their business.
- 63 percent of organizations are still using inadequate productivity and knowledge management software to manage compliance.
- 57 percent of compliance managers engage with the frontline to respond to queries related to policies, regulations, processes, and controls, strengthening their risk processes by engaging business-facing teams.