The 2018 State of Compliance report is published and available for download.
The survey garnered 184 responses from compliance professionals over two weeks in late May and early June, which were analyzed to produce the industry-specific insights presented in the report. The report, authored by Stanford MBA graduate Nick Padlo, and produced in partnership by Assent Compliance and Ropes & Gray LLP with Deloitte as an advisor, was published June 28, 2018.
This year’s report found that companies are still using labor-intensive manual processes to handle compliance. Companies are often dependent on these processes, such as the tedious tracking of compliance data through spreadsheets, to manage their programs. While statistics showed the requirements on companies are expanding as the regulatory landscape shifts, it was no surprise respondents reported a drastic increase of time spent on compliance-related tasks since 2015 considering the trend toward manual processes. Companies also expect their time spent on compliance to continue to increase — in some case, by as much as 200 percent.
Key takeaways included:
- An increase in regulatory requirements has impacted compliance teams across all companies, including small, medium and enterprise businesses.
- While the use of third-party software has increased over the last year, so has the use of manual processes. This has resulted in more time spent on compliance activities across all departments.
- Companies are spending an increased amount of time on compliance requests, and forecast the increases will continue.
- The actual cost of compliance is higher than expected, with labor-intensive processes contributing to the cost disparity.
To learn how the Assent Compliance Platform’s leading technology leverages automated supplier engagement and logic-driven data validation to streamline the compliance process, contact us today.