CEP Magazine (February 2021)
Global law firm Baker McKenzie released a report in November 2020, The Currency of Connection: Mobilizing technology for compliance integration,[1] 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:
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56% of compliance leaders reported budget cuts due to COVID-19.
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35% state that their compliance function has no way of knowing if third-party partners are compliant.
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38% of industrial companies had a compliance investigation as a result of poorly implemented technology.
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71% agree that smart application of technology reduced administrative burden.
1 Baker McKenzie, The Currency of Connection: Mobilizing technology for compliance integration, accessed December 3, 2020, https://bit.ly/3lx88Gd.
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