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Chief Compliance Officer 2021 Survey: Compliance Imperatives

Here are some of the findings from the KPMG 2021 Chief Compliance Officer Survey,[1] which represents responses from 249 chief compliance officers from large global organizations across various industries, including health care, life sciences, banking, capital markets and insurance, industrial manufacturing, consumer markets and retail, technology, media and telecommunications, and energy. Request the survey at https://bit.ly/3tsoNA9.

Plans to enhance compliance with data analytics is particularly important in light of the fact that respondents appear to be primarily leveraging reactive metrics, including internal and external audit reports and regulatory actions/inquiries, as a measure of the effectiveness of their compliance departments. When asked to identify the top three metrics that they were using to evaluate the effectiveness of their compliance programs, 72 percent of respondents identified internal and external audit results and 45 percent of respondents identified regulatory actions and inquiries as their primary metrics for evaluation. Comparatively, respondents were much less likely to be leveraging more predictive metrics as top indicators of their compliance department effectiveness. Only 32 percent of respondents are using pattern analysis related to their investigations as a top indicator of compliance, and only 19 percent of respondents identified root cause trends as top metrics for evaluation of compliance effectiveness.

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