Executive Summary
There is a tidal wave of regulations governing how businesses conduct commerce and partner with others in the ecosystem. While companies are adequately resourced to design programs and provide the right type of compliance training for employees and 3rd parties, enforcing compliance at scale is another matter. Increasing regulatory vigor and scrutiny by consumers, shareholders and activists makes the case for improved corporate transparency even more strong. While all these responsibilities fall squarely on the shoulders of Chief Compliance Officers (CCOs), these are only a part of a modern CCO’s job. CCOs also need to proactively manage a host of rapidly emerging risks created by societal, environmental and technological changes. Recognising the pivotal role CCOs play in safeguarding and growing a business, we reached out to 250 CCOs across nine sectors and across seven major cities in India, to address as diverse a cross section as possible of this demographic. These businesses had a revenue of more than INR 5 billion. The survey was conducted in the last quarter of 2020. We wanted to understand:
- The top risks and challenges faced by businesses during the pandemic
- Trends in misconducts and frauds during the pandemic
- The role of technology in compliance management
- Current compliance management practices
- Willingness to partner with 3rd party solution providers in meeting regulatory requirements
This whitepaper will explore the steps taken by CCOs to stay on the right side of the law as well as offer rich analysis of the current processes in place for compliance management and why the need for technology driven compliance management system is more important now than ever.