Compliance digitalization: the impact on the compliance function
The 2016 compliance benchmark
This year Deloitte’s Governance, Risk and Compliance (GRC) team has organized its fourth Compliance Benchmark. The report provides insight into the trends and challenges faced by compliance functions and their organizations in the Dutch corporate sector and financial services industry.
The 2016 Compliance Benchmark explores the market trends and developments in compliance digitalization, data and privacy observed by compliance officers. A number of things related to these topics is discussed in this year’s benchmark.
Effects of digitalization
Digitalization brings technological advances, which create new opportunities for companies. However, staying compliant while using new technologies can prove challenging. Although regulators are trying to keep up with the pace of technological change, they are not always successful. Companies are struggling to comply with technology-neutral regulations that have been put in place, but that do not take account of new technological developments.
Using data in the compliance function
The ever-increasing volumes of data available are creating a wide range of new opportunities, not only for business purposes but also for compliance officers. Never before has there been so much data potentially able to provide a solid picture of business performance. In theory, every compliance officer could have perfect insight into the state of compliance and performance of the company as a whole. However, as our respondents indicate, the data available in their companies are predominantly unorganized and still need processing before such meaningful intelligence can be provided.
Privacy has been an important issue in business ever since it was declared a fundamental human right in the mid-20th century. The discussions surrounding privacy have changed, however, and are becoming even more relevant in the evolving world of digitalization, with the increasing use of data and social media.
For more information on these topics and to read the full report, please download the 2016 Compliance Benchmark.
Would you like more information on the compliance benchmark? Please contact Aida Demneri via +31882880018 or Joost Bruinsma via +31882880122.