What are the top trends shaking up the compliance world in 2016? Any guesses?
Each year, Thomson Reuters shares the top compliance trends from around the globe. Here's what made the cut for 2016:1
- Creating a culture of compliance
- Increased investment in compliance operations
- Keeping pace with a changing regulatory landscape
- Monitoring third party risk
- Encouraging whistleblower activity
Keeping up with these trends is a challenge and will require businesses to make a significant spending investment. According to Thomson Reuters, 75 percent of compliance leaders expect [compliance] management will require more or much more attention in 2016.2 This year, many expect to commit an increased amount of resources (both in terms of time and staff) towards processing compliance policies and procedures.3 Already, more than a third of businesses surveyed report spending at least an entire day per week trying to track and analyze regulatory changes.4
In a recent blog post, ADP highlighted results from the Wall Street Journal's annual risk and compliance poll, and shared some steps for how businesses can take a strategic approach when it comes to compliance management. Thomson Reuters also outlined helpful tips in this infographic for leaders to keep in mind, including the importance of empowering compliance teams and providing them with the right tools, investing in training and skill-building, and fostering a company culture that supports compliance activities.5
For more on how your business can manage compliance functions more effectively while reducing costs and driving growth, visit ADP SmartCompliance®.
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