Compliance on the brink: Harnessing Big data to the risk challenge

Harnessing Big data to the risk challenge

Posted by Rob Biskup and Maureen Mohlenkamp on August 17, 2015.

At the annual Compliance Week conference earlier this year, Deloitte’s status as a sponsor and presenter put it in the center of some compelling conversations. Across the discipline, there’s a growing consensus that Chief Compliance Officers (CCOs) are moving out from behind their general counsels and taking their own seats at the big table.

The question now is what they’ll do there. Part of the challenge is to help connect compliance officers with internal control and technology solutions. But the corresponding challenge is to make strategic sense of what those solutions can deliver and prioritize accordingly. Another challenge is for CCOs to engage broadly across the enterprise on these solutions, so compliance can make the same robust use of big data that leaders in other areas have done.

Continue reading “Compliance on the brink: Harnessing Big data to the risk challenge”

Compliance Week 2015

Celebrating 10 years

May 18-20 2015 Mayflower hotel Washington DC

Harnessing Big data to the risk challenge

Posted by Nicole Sandford and Donna Epps on August 17, 2015.

For the third year in a row, Deloitte & Touche LLP and Compliance Week collaborated to produce the 2015 Compliance Trends Report, an annual benchmarking survey report that answers, “How do compliance functions efficiently and effectively manage the risks associated with the increasing demands of numerous stakeholders and position themselves for success in the future?”

We had the pleasure of presenting the survey’s findings during the annual Compliance Week conference in Washington D.C. this past May. The findings, summarized in our presentation below, shows some clear trends:

Continue reading “Compliance Week 2015”

In compliance data, quality rivals quantity

Energy companies eye compliance monitoring; panel advises close ties with businessPosted by Paul Campbell, Principal, Deloitte & Touche LLP and Howard Friedman, Director, Deloitte & Touche LLP

“Our best metric is still a gut feel.” That’s how one panelist summed up his company’s approach to making sure its compliance program provides the most useful feedback.

That comment was part of a panel discussion on compliance data benchmarks we facilitated on October 2, 2014 as part of Deloitte’s Dodd-Frank Compliance Leadership Academy. The participants were eager to get in front of compliance trends so they could apply the indicators today they’ll need to report on tomorrow. And while many of those indicators arise directly from the compliance function, we found it’s just as important to keep abreast of operations-related data, such as the management of physical assets.

But first, back to that “gut feel.” One theme that ran through our discussion was the need to take a broad view of what constitutes useful compliance data.

Continue reading “In compliance data, quality rivals quantity”

2014 Compliance Trends Survey Report

2014 Compliance Trends Survey ReportPosted by Tom Rollauer, Executive Director, Center for Regulatory Strategies, Deloitte & Touche LLP

Deloitte and Compliance Week magazine recently released a joint survey report on key compliance trends in 2014. The annual survey, which is in its fourth year, included 209 responses representing a wide range of industries from America and around the world. Questions focused on three major issues:

  • Do compliance executives have the appropriate authority and resources to do their jobs?
  • Are compliance executives addressing the right risks?
  • Do compliance executives use the right metrics to measure progress?

This year’s survey found some level of improvement in all three areas; however, the results were a mixed bag and overall there is still a burning need for organizations to improve how they handle their compliance activities — particularly in light of today’s increasingly demanding compliance environment and the complex new requirements associated with laws such as the Dodd-Frank Act and Affordable Care Act.

Continue reading “2014 Compliance Trends Survey Report”