Global NAVEX Study Finds Risk Management and Compliance Programs Have Been Successfully Through Pandemic, But Face Inconsistent Management Support | National company


PORTLAND, Oregon – (BUSINESS WIRE) – August 3, 2021–

NAVEX Global®, the leader in integrated risk management and compliance solutions, today announced the publication of its 2021 Benchmark Risk and Compliance Report. Based on a survey of more than 1,000 risk and compliance professionals, the study indicates that while senior leaders and managers support compliance overall, their support falters in critical situations. conflicting interests or business objectives.

Performance during the pandemic received high marks from respondents. Separately, those interviewed had a more nuanced view of leadership support. They were generally positive about management commitment, with almost three-quarters (71%) saying their senior leaders had demonstrated a commitment to compliance. However, when asked if these same leaders persisted in this engagement when faced with competing interests or business goals, far fewer (46%) agreed. Management levels saw an even larger gap in these results with 75% showing commitment in general, but only 38% persisting in the face of competing interests or business goals.

“These responses are the clearest examples to date of the need for strong, consistent, demonstrable and unwavering support of compliance objectives from the leadership of the organization,” said Carrie Penman, Chief Risk Officer and of Compliance, NAVEX Global. “These findings highlight the potential impact of significant organizational pressure to achieve goals on the behaviors of leaders and line managers and the potential damage to an organization’s culture when these types of conflicting messages are delivered. Noting that these questions come from the US Department of Justice’s corporate compliance assessment programs means that these are the same questions prosecutors might ask in a non-compliance situation.

The study also yielded several notable results regarding the effect of the COVID-19 pandemic on compliance program priorities and workplace culture. Overall, he found that many organizations had made it through the pandemic, although he found opportunities for improvement in some key areas.

The COVID-19 pandemic has been a driving factor for many risk and compliance programs over the past year. While this did not significantly disrupt the performance of the program, it did make the development and implementation of remote work policies a major concern. Updating or creating a business continuity plan has also become a top priority; 80% of those surveyed who had a business continuity plan in place said it had helped mitigate the impact of the pandemic.

“As organizations emerge from the pandemic, risk and compliance professionals must have the top-down support and adequate resources to meet their evolving risk-based program priorities,” said Penman. “It is clear from our ongoing studies that programs are maturing and becoming increasingly sophisticated, but with that must come the staff and funding to ensure continued progress. This is especially important in areas such as data analytics that help make more informed business decisions.

The investigation also found that the pandemic had relatively little impact on workplace culture. Half of those surveyed said the transition to work-from-home environments had no net impact on workplace culture, with the other half just as likely to say that it improved the culture that they did. ‘they were not to say the opposite. It should be noted that non-managers were significantly less likely than managers to think that there had been a negative cultural impact.

When it comes to integrated risk management, most respondents indicated that their governance, risk and compliance capacities are at least partially integrated, with only 16% of respondents stating that their risk management practices are siled without no integration plan.

Despite the clear recognition of the need to manage risk holistically, no role has emerged as a clear leader for this integration. Interviewees were divided on who manages their risk integration strategy. However, advanced R&C programs were much more likely to have a risk and compliance director, placing compliance and risk management under one role.

This year’s survey also covered environmental, social and governance (ESG) programs. Surprisingly, while ESG support from the top is high, with 69% of respondents reporting CEO support, only a third say their ESG program has a dedicated staff or budget. Respondents also indicated that ESG programs are the least automated, with only a quarter indicating that they use solutions specifically designed for program administration.

The main additional findings include:

  • A third of respondents indicated that their organization had experienced a data privacy / cybersecurity breach in the past year.
  • Most respondents felt that their risk management and compliance programs lacked staffing and funding resources:
    • Only a third (34%) of respondents rated their access to staffing and funding as “good” to “excellent”.
    • However, the existing risk and compliance staff are well qualified and well trained; two-thirds (69%) of respondents say their risk and compliance staff have the appropriate experience and qualifications.
  • Risk and compliance professionals are getting better at getting data and using technology:
    • 61% of the programs surveyed use specially designed solutions to automate at least one element of their risk and compliance program.
    • More than half (54%) of those surveyed rated their access to operational data across the organization as “good” to “excellent”.
    • However, only a minority of programs use the data they glean to measure, monitor, evaluate and allocate resources.
  • Almost half (49%) of compliance programs follow diversity measures and 56% of respondents indicate that they intend to provide diversity and inclusion training within the next three years.

To learn more about the NAVEX Global 2021 Final Risk and Compliance Benchmark Report, join the NAVEX Global webinar on Tuesday, August 3 at 10:00 a.m. PT, which will offer a summary discussion of the report and information. that will help CCOs and other program managers see how their efforts stack up against their peers and more. Click here to join.

About NAVEX Global

NAVEX Global is the global leader in integrated risk and compliance management software and services. Thousands of customers around the world trust our solutions to help them manage risk, meet complex regulatory requirements, create corporate ESG programs, and foster ethical cultures in the workplace. For more information, visit the NAVEX Global website and our Risk & Compliance Matters blog, follow us on Twitter and LinkedIn.

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Shannon Casey

[email protected]



SOURCE: NAVEX worldwide

Copyright Business Wire 2021.

PUB: 03/08/2021 8:00 a.m. / DISC: 03/08/2021 8:02 a.m.

Copyright Business Wire 2021.

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