The fourth annual State of Compliance report is complete and available for download. This year’s State of Compliance report received more input from compliance professionals than ever before, providing more insightful results companies can leverage to benchmark their program and prepare for future regulatory changes.
In May, industry professionals from around the world completed a wide-ranging survey, providing real-world insights into compliance programs, regulatory impacts, resource allocations, and strategies to meet growing demands for time and money. This year provides the first ever glimpse at industry-wide digital transformation and how it’s being used to make compliance programs more effective.
The report is presented by a group of companies involved in the compliance and supply chain data management industries. They are:
- Assent Compliance
- Compliance & Risks
- Lorax Compliance
- Ropes & Gray LLP
- TSG Consulting.
Authored by Natalie Picot, an independent researcher and strategy consultant who earned her Master of Business Administration from the Stanford Graduate School of Business in 2015, the 2020 report includes current benchmarking statistics, future projections as well as year-over-year trends, plotting the trajectory of where the industry has been and where it’s headed.
Key findings from this year’s report include the following:
- Companies are adopting technology to replace manual processes, but compliance has less uptake than other areas.
- Companies spend more time now on compliance activities than years past, and predict that trend will continue.
- Enterprise-level companies identify more diverse regulatory requirements than small companies, potentially indicating downstream suppliers aren’t aware of upcoming obligations.
- Fewer companies are using manual email data collection processes than ever before.
- Enterprise-level companies leverage third-party technology more than mid-sized and large companies, which are more reliant on manual processes and report lower satisfaction rates.
- Compliance activities typically cross no fewer than five teams within organizations, showing continued decentralization.
The report provides a detailed examination of these findings, examining year-over-year trends, and differences based on company size and industry. For example, larger companies cited new regulations such as the European Union (EU) Medical Device Regulation and the EU Waste Framework Directive as impacting their compliance programs in far greater numbers than smaller companies. This foreshadows a ripple effect of supply chain data transfers that suppliers to original equipment manufacturers (OEMs) haven’t planned for.
Further, the report examines the uptake of digital transformation, both at a company level and as it pertains to compliance programs. Key findings show gradual elimination of manual processes, and the impact technology has on confidence levels.
Download the State of Compliance 2020 report now to effectively benchmark your company’s compliance program against your peers and better prepare for the future.
To learn more about Assent’s supply chain data management solution, contact us today.