BETHESDA, Md- (May 19, 2014) – Fifty-two percent of Chief Compliance Officers reported that their third-party suppliers are not sufficiently focused on minimizing risk, according to a new survey by Consero Group, an international leader in creating high-level, invitation-only events for senior executives. The results were reported as part of the Spring 2014 Corporate Compliance & Ethics Data Survey, compiled by Consero Group.
“In a global economy, the use of third-party suppliers is unavoidable, creating exposure for businesses large and small,” said Paul Mandell, Founder & CEO of Consero. “Suppliers that are not sufficiently concerned with mitigating risk are a source of significant frustration and anxiety for Chief Compliance Officers, and unfortunately, CCOs seem to have few easy solutions to this problem.”
In addition, Chief Compliance Officers identified bribery and corruption as their top areas of risk. Nearly a quarter (24%) of respondents named bribery and corruption as the top area of risk at their companies, closely followed by money laundering (23%).
“There are many areas of risk facing Chief Compliance Officers, given the realities of a global economy with ever-changing laws and regulations,” said Mandell.
Furthermore, 75 percent of respondents expressed having sufficient access to resources to manage their departments effectively, representing a positive change from Consero’s Fall 2013 compliance survey, in which only 53 percent of Chief Compliance Officers felt the same way.
“As their responsibilities continue to expand, Chief Compliance Officers can take some comfort in the fact that their companies generally seem to recognize the importance of corporate compliance and are increasingly providing sufficient resources to support the compliance function,” said Mandell.
Other Findings Included:
The Spring 2014 Corporate Compliance & Ethics Data Survey was developed in connection with an invitation-only event hosted by Consero Group in April 2014 for compliance executives from Fortune 1000 companies. A total of 63 responses were provided.
Founded in 2010, Consero Group is an international leader in creating industry-specific events for senior-level executives in industries that include: Legal, Compliance, Shared Services, Customer Experience, Finance, IT, HR, Procurement, among others. With operations in the U.S. and in Europe, Consero is best known for transforming the executive experience through intimate, invitation-only programs in a sophisticated learning environment with high-level content. For more information on Consero, please visit www.consero.com.
Mark Allen & Company