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The Wall Street Journal: Survey Roundup: Technology Issues Hamper Compliance

Originally Published in The Wall Street Journal | June 24, 2016 | By Ben Dipietro

A look at some recent surveys and reports dealing with risk and compliance issues. Send surveys and reports to

Not Feeling IT: A survey of chief compliance officers by executive events firm Consero found 75% said their current technology infrastructure doesn’t meet the needs of their compliance operations, with 26% saying they don’t have confidence in their IT departments to support their needs. Forty-six percent of compliance officers report being very active in cybersecurity and data privacy matters within their organization, and 65% said they have a formalized data privacy compliance plan for their company.

“Bridging the gap between the compliance and IT departments should be a top priority for chief compliance officers,” said Paul Mandell, chief executive of Consero. “Compliance leaders must foster a strong relationship with their IT departments to ensure that the compliance function can carry out its critical work effectively.”

Plenty More Where That Came From: A survey of around 600 compliance professionals from financial services firms by Thomson Reuters found around one-third of respondents said their firms spend the equivalent of at least one day every week tracking and analyzing regulatory change, with 75% saying they expect the focus on managing regulatory risk to increase in 2016.

Will Prescribe For Food: An analysis of U.S. government data tracking pharmaceutical payments to doctors found those who received as little as one meal from a drug company were more likely to prescribe that company’s drugs than doctors who didn’t get a free meal.

Manufacturing Risk: A review of the latest 10-K filings from the largest 100 publicly traded U.S. manufacturers by accounting and consulting firm BDO USA found 92% listed cybersecurity concerns in their disclosures this year, compared with 64% in 2013.

Lacking Oversight: A report from the European Central Bank identified deficiencies in governance at large financial institutions in the Eurozone, saying some boards don’t have the ability to monitor management.

Opinion Risk: A survey of 1,027 U.S. adults by public relations firm Weber Shandwick and KRC Research found 40% said they were more likely to buy a company’s products when they agreed with the public comments of that company’s CEO, and 45% saying they are less likely to support a company whose CEO takes positions with which they don’t agree.

Integrity-Sensitive: A survey of  1,100 senior IT security executives at large enterprises worldwide by data protection firm Vormetric found 55% said protecting reputation and brand integrity is the top reason for securing sensitive information.

Access Permitted: A review of the just-concluded proxy season by EY found around one-third of Fortune 500 companies have adopted proxy access over the past two years.

Customer First: A survey of 75 executives by law firm Fox Rothschild found 84% said a company should be able to protect customer information from government access, while 75% said companies should be able to tell customers when the government subpoenas their data.

Yemen Outlook: A report from sanctions advisory firm Camstoll Group looks at the risks facing Yemen’s financial system in the wake of sanctions imposed by western nations in 2014.

Write to Ben DiPietro at, and follow him on Twitter @BenDiPietro1.