Managing the Compliance Burden
The Red Flag Group recently surveyed 189 compliance professionals from more than 44 industries to learn how they are managing the compliance burden - the administrative, resource and time challenge inhibiting compliance professionals from dedicating their time to strategic and high priority programme areas.
The survey identifies:
- Which programme areas compliance professionals are currently dedicating the most time to, and which areas they intend to focus their time on over the next year
- Which programme areas currently require significant levels of administrative support to properly manage
- What specific challenges make it difficult to manage the overall department workload, and
- Whether compliance professionals would consider outsourcing resource-intensive tasks to focus more freely on high priority endeavours, and to improve overall programme efficiency
This report contains two parts. The first part covers survey responses to key questions on the compliance burden and how compliance professionals are currently managing these challenges, including through the use of outsourcing. The second part contains survey responses on experiences and perceptions on outsourcing compliance tasks.