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Compliance 2020 and beyond
What will the Compliance function look like in 2020 and beyond? What changes are likely to occur and what challenges might Chief Compliance Officers’ be facing?
Our latest thought provoking paper explores the continuing evolution of the Compliance function.
Developed from discussions with a number Compliance Officers from leading organisations, we set out four key areas where we expect to see change:
- Integrated Compliance Programmes
- Culture, ethics and principles
- Analytics and technology
- Compliance and ethics skillsets
Historically, the primary focus of the Compliance function has been to define the rules and frameworks for organisations in order to achieve compliance with relevant laws and regulations. Whilst this will remain at the core of the Compliance functions’ remit, we expect to see an increasing emphasis on ethics, culture and principles, progression towards being more of a ‘trusted advisor’ to the business and providing source of competitive advantage.
We also explore some of the challenges to change that Chief Compliance Officers’ may experience and suggest key actions that they should be considering now.
Integrated Compliance Programmes
As Compliance programmes begin to mature, they are increasingly being asked to do more with less, driving leaders to consider how they really demonstrate value. Compliance has traditionally operated in silos, with specific functions carrying out their own approaches and methodologies. This, along with increasing demands from senior management, has often resulted in layers of inefficiency and duplication. Our report explores some of the actions Compliance should be taking now to adopt a more integrated approach.