The business risk landscape continues to evolve and has challenged the compliance and ethics efforts of organisations worldwide.
The PwC 2018 State of Compliance Study shows how leading compliance and ethics organisations are prioritising cultural impact and embracing technology to increase their effectiveness.
The report shares the results of more than 825 respondents (including CCOs, CFOs, audit committee members and other compliance stakeholders) to see how satisfied they are with the effectiveness of their E&C programmes; what makes them effective; and how changes to the regulatory and business climate around the world are forcing them to evolve.
Compliance officers are grappling with an ever-more complicated risk landscape and ever-changing regulatory requirements. Their role in helping balance risk is growing in importance and complexity as their organisations address new watchdog threat vectors and seize new opportunities generated by technology and business innovation.
“Leading organisations are excelling in this environment by taking more-comprehensive approaches to compliance, as enabled by more information and better technology tools,” says Shirley Machaba, PwC Africa Governance, Risk and Internal Audit Leader.
“As regulators become increasingly technology and data savvy, the compliance and ethics functions of organisations have to keep pace by using the best tools and information available to protect their organisations and to scan the horizon for new requirements, trends and risks.”
“Other traits among the companies leading the pack in terms of compliance include business optimism, a strong business culture of ethics and compliance and they say their organisations derive significant value from their risk compliance,” adds Machaba.
‘Leaders know they stand out, because the vast majority (85%) who call their compliance programmes very effective also rate their programmes well above average relative to the programmes of their peers. More than half (52%) also say their organisation is more innovative than their peers are.
A large percentage (65%) rate their risk management internal audit programmes as highly valuable, suggesting strong risk cultures overall and contributions from all lines of defence within their organisations.