A new study by Accenture shows most compliance managers at banking and capital markets firms predict that they will increase their investment in compliance risk management over the course of the next two years. Equally, the survey finds they want to build on the stature compliance it has achieved in recent years.
The study, titled “Compliance’s Seat at the Table – Hard to Earn, Hard to Retain” also found that despite these investments, compliance organizations frequently falls short of their own expectations. That, according to the report, alone creates the need for yet further efforts to raise the status of compliance within their organizations.
Accenture, a global management consulting and technology services company, surveyed the state of compliance in banks and capital market firms in Europe and North America in 2013 and in 2012. The 100 respondents who were surveyed for the study were predominantly those responsible for their company’s compliance management function.
According got to the study, sixty perfect of the respondents say they need a stronger compliance culture while two-thirds said compliance need to “foster greater correlation” with their organization’s governance. According to Accenture’s study, firms have already moved to raise the visibility and connectivity of the compliance function with 71 percent confirming that their company’s compliance management currently reports to the CEO or board of directors.
“While compliance organizations are applauded for the strides they are making, there may be headwinds in their future unless they address their concerns about their culture, behavior and operations, and position themselves to handle the ever-changing requirements of compliance management,” said Steve Culp, senior managing director, Accenture Finance and Risk Services. “Executives will have to be more conscious of demonstrating success in order to secure further investment in talent, tools and technology to boost performance and realize their vision for compliance risk management.”
To address their respective strategic goals and keep pace with forecasted changes, 53 percent of compliance managers surveyed said they are more frequently investing in analytics and risk modeling. Further, the majority of respondents who were asked are assessing, planning or already investing in governance and oversight (91 percent); data quality, management and architecture, and their compliance organization structure (88 percent).