The Risk Advisory Group surveyed over 200 compliance professionals in their Compliance Horizon Survey 2015 from across the UK, Europe and beyond to pinpoint the key issues for the industry going in to 2016. The respondents said they exposed to risk and lack confidence in their team’s resources to protect the business. The headlines:
- The majority (83 per cent) of compliance professionals feel that compliance has become more complex in the past two years, with larger businesses feeling this more acutely.
69 per cent are feeling more exposed to risk than they did two years ago and only 19 per cent – even less in larger businesses – feel very confident in their team’s ability to protect the business to the level required.
Compliance professionals are under increased pressure to safeguard their company’s reputation, with 59 per cent saying that this best describes their role and 51 per cent citing fear of negative exposure as the top driver for compliance in their organisation.
Increased regulation is cited as the top challenge facing compliance departments over the next 12 months. This is followed by geopolitical events, in particular the EU referendum.
37 per cent of compliance professionals say more people with the right knowledge of the business would make the biggest difference to compliance teams’ ability to protect the business over the next year, yet only 32 per cent believe that new talent coming into the industry has what it takes to succeed.