How compliance leaders view their programs
The challenges facing compliance officers continue to grow due to increases in the number and complexity of regulatory requirements and more rigorous enforcement by authorities. As societies place a greater priority on ethical behavior by organizations, the role of compliance is expanding beyond the traditional regulatory and legal compliance issues to include a much wider range of concerns such as ethical standards and sustainability.
To understand how organizations are responding to this changing environment, KPMG surveyed chief compliance officers and similar senior compliance executives (collectively, CCOs) from major organizations across seven industries regarding their compliance activities. The Survey addressed each of the nine components in KPMG’s proprietary Compliance Program Framework, including compliance risk assessment, governance and culture, technology and data analytics, andmonitoring/testing, among others. By examining specific compliance activities across the nine program components, we believe the Survey results can provide CCOs with vital information on how other organizations are managing compliance as well as highlight leading practices to consider implementing consistent with their organizations’ risk profile and risk tolerance.