KPMG survey finds CCOs gearing to add staff, increase tech spend
A new KPMG survey of chief compliance officers at Fortune 500 companies found nearly three out of every four expect to enhance their compliance functions in response to pressure from regulators and their own boards.
The survey, released Wednesday, found 73 percent of 240 CCOs who responded said their firm’s compliance function faced increasing pressure from regulators, while 45 percent reported the regulatory pressure was industry specific. Survey respondents represented firms in six industries: healthcare/life sciences; financial services; technology, media, and telecommunications; manufacturing; commercial markets/retail; and energy/natural resources.
More than half (53 percent) of the survey respondents said their firm’s board was the top source of pressure to enhance the compliance function. For compliance teams in healthcare/life sciences, manufacturing, commercial markets/retail, and energy/natural resources, the board was the top pressure source; for financial services and telecommunications, the top pressure source was regulators.