The focus is clear: To invest in technologies to enhance compliance functions, and to evolve to meet the requirements of regulators and expectations of the modern consumer.
Chief Ethics and Compliance Officers (CCOs) are taking the lead as change agents; advancing their functions and operations, anticipating shifts in regulatory and stakeholder expectations, and preventing risk exposure to the enterprise. The KPMG 2021 CCO Survey explored how the consumer and retail COO is adapting to current global trends and risks. Consumer and retail organizations are looking to leverage technology to make their compliance efforts more efficient. Additionally, they are seeing an increase in consumer interest on climate change, social activism and public safety, requiring them to meet new expectations.
Survey highlights include the following:
- Activities to enhance
- Obligations to refine
- Anticipating investments in ethics and compliance
- Metric effectiveness
- Priorities for automation
- Areas of expertise needed
Compliance officers are clearly focused on tech-enabled automation of existing processes while preparing for regulatory change and the momentum building around ESG.
- Matt Kramer, KPMG, National Sector Leader, Consumer & Retail
