The demand for agility and greater alignment between compliance and business strategy reinforces the need for organizations to continuously improve their compliance activities. By identifying and responding to shifts and trends in compliance early, compliance, business, risk, legal, technology, and internal audit partners can better position their organization to move beyond compliance. In the future, expanded use of technology and further automation of compliance activities will be an imperative. To prepare for tomorrow, organizations must invest today.
According to KPMG’s Chief Compliance Officer (CCO) Survey Report, The compliance journey: Boosting the value of compliance in a changing regulatory climate, Thirty-one percent of the 62 CCOs surveyed at some of the largest U.S. companies say their organization does not leverage, or they do not know if they leverage, technology to support their compliance initiatives. In addition, less than half—at just 47 percent—use, or know if they use, data analytics and other technology processes to conduct root cause and trending analysis, and 60 percent said that either their technology infrastructure has not been analyzed to confirm it aligns with compliance requirements, or that they were unsure of such alignment.
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