New Report Provides Insight Into the State of Compliance in 2019

New Report Provides Insight Into the State of Compliance in 2019

The State of Compliance 2019 report has officially been published, and is now available for download.

In May, compliance professionals from around the world responded to the annual survey, which asked them questions about their compliance programs, team structures and strategies for managing their evolving regulatory requirements.

The report, presented by Assent Compliance, Compliance & Risks, PTC and Ropes & Gray LLP, provides insight gained from the data they submitted, as well as from year-over-year trends.

The 2019 report was authored by Natalie Picot, an independent researcher and strategy consultant who earned her Master of Business Administration from the Stanford Graduate School of Business in 2015.

Key findings from this year’s report include:

  • Companies are spending an increasing amount of time on compliance, and predict the increases will continue.
  • Companies are reporting the use of both third-party solutions and manual processes for a hybrid approach to compliance.
  • Mid-sized and large companies are typically more dependent on manual processes than their enterprise-level counterparts, which are more likely to embrace third-party technology.
  • Companies using third-party solutions report consistently higher satisfaction with their compliance programs.
  • Teams are largely maintaining a decentralized structure, with full-time compliance professionals likely to be located at a central, corporate level, though spread across various teams and departments.

The report expands on these key findings, and examines year-over-year trends for compliance teams. In 2018, respondents indicated they were spending an increasing amount of time on compliance tasks. This year, those who took part in the study indicated that the increases are constant, and expected to continue over the next three years.

Further, the report examines how companies in different revenue buckets are handling this increase, and how their approaches vary. It also highlights the true cost of compliance for companies, and how teams are structured across various departments.

Download the 2019 State of Compliance report now to learn more about these topics in order to effectively benchmark your company’s compliance program against your peers.

To learn more about Assent’s supply chain data management solution, email info@assentcompliance.com.

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