It’s that time of year again when risk and compliance professionals from around the world contribute to an industry-defining resource – the annual Definitive Risk & Compliance Benchmark Report. Many of you are very familiar with the report, having used it as leverage to increase program buy-in and budget, to benchmark against your peers, or simply to continue refining your approach to risk management in ways that align with market trends and best practices.
Now is your time to contribute to next year’s report by participating in the 2020 benchmark survey. The data collected from this survey will lay the foundation for key findings and correlations across program elements, concerns and best practices. Regardless of your job level, company size, industry or geography – share your perspective on the important work you do. It shouldn’t take more than 20 minutes.
Key findings from 2019
In 2019, aggregate data collected from respondents like you uncovered three key program performance drivers that amplified efforts and outcomes across the risk and compliance function. Depicted in blue in the illustration below, those performance drivers are leadership buy-in, use of technology, and program maturity.
Leadership buy-in correlates with program maturity
Leadership buy-in was found to have a transcendent impact on program success. In the 2019 survey, respondents were asked to describe how their leadership viewed the compliance program. Was it seen as:
- Part of a comprehensive risk management strategy that proves a return on investment?
- An insurance policy against ethics and compliance failures?
- A necessary evil that is required by regulators but is a cost center for the organization?
In the illustration below, you can see that respondents indicated that leadership buy-in (those who viewed the compliance program as a strategic advantage) correlated with advanced program maturity as well as an enhanced perception of ethics within the organization.
Technology correlates with leadership buy-in
Risk and compliance management technology helps reduce duplicative tasks, increases consistency, and allows for resource reallocation to more strategic program needs. In the 2019 report, findings indicated that 65% of organizations that had senior management who viewed the compliance program as a strategic part of risk management, automated their programs with at least five compliance technology solutions.
Technology automation & leadership buy-in correlate with program accomplishments
Respondents with leaders who understood the value and ROI of their risk and compliance programs cited the most program accomplishments. Interestingly, these numbers also closely mirrored those for accomplishments in programs with the most technology solutions.
These are just a few of the findings from last year. What will you help us uncover in 2020?
By David Banks
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