Global law firm Baker McKenzie released a report in November 2020, The Currency of Connection: Mobilizing technology for compliance integration, that surveyed compliance professionals regarding their views on the use of technology for improving compliance operations and the impact of COVID-19 on companies’ risk profiles.
The report found that 74% of leaders in China and Hong Kong believe COVID-19 has dramatically increased the risk exposure of their organization. Additionally, the report found that:
56% of compliance leaders reported budget cuts due to COVID-19.
35% state that their compliance function has no way of knowing if third-party partners are compliant.
38% of industrial companies had a compliance investigation as a result of poorly implemented technology.
71% agree that smart application of technology reduced administrative burden.