Corruption and bribery remain top risks to organizations, and Chief Compliance Officers are responding, as nearly two thirds (67%) have made bribery and corruption training mandatory for all managers, 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 June 2015 Corporate Compliance & Ethics Data Survey, compiled by Consero Group in partnership with Broad and Cassel.
The survey also found that just 20 percent of surveyed executives believe their company has the proper technology infrastructure necessary to meet the needs of their compliance operations. Only 10 percent of Chief Compliance Officers, however, mentioned technology as an area of focus in 2015.
“Today’s Chief Compliance Officers face an increasingly complex landscape, with bribery and corruption remaining top risks that warrant manager training,” said Paul Mandell, Founder & CEO of Consero. “Fortunately, CCOs have embraced this reality. However, the fact that just a small percentage believe their companies have technology infrastructure necessary to meet their compliance needs is a cause of concern.”
Additional Findings Included:
- Most Department Budgets Have Increased: Sixty-two percent of surveyed executives said that their department’s budget and staff size has increased in the last 12 months.
- Compliance Insufficiently Integrated into Corporate Strategy: Fifty-four percent of surveyed Chief Compliance Officers reported that their departments are not sufficiently integrated into corporate decision-making and strategy.
- Vast Majority Have Conducted Internal Investigation: Ninety-six percent of those surveyed have conducted an internal investigation in the past year.
Consero’s Spring 2015 Corporate Compliance & Ethics Survey, developed in partnership with Broad and Cassel, was produced in connection with Consero Group’s April 2015 Corporate Compliance & Ethics Forum for Chief Compliance Officers from Fortune 1000 companies. While the survey was limited to 47 participants, the answers provide valuable insight into the challenges, concerns, and opportunities of this group of senior compliance executives.
Founded in 2010, Consero Group is an international leader in creating sector-specific events for senior-level executives in industries that include: Legal, Compliance, Share Services, Customer Experience, Finance IT, HR and 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.
About Broad and Cassel
Broad and Cassel is one of Florida’s most prestigious business law firms, serving clients worldwide from its offices in Boca Raton, Destin, Fort Lauderdale, Jacksonville, Miami, Orlando, Tallahassee, Tampa, and West Palm Beach. They provide full-service legal representation for individuals, public entities, and private enterprises—from start-ups to Fortune 500 companies, including U.S. companies conducting business overseas, as well as foreign companies active in the U.S. Our lawyers know Florida, serving as trusted advisors on a diverse range of issues. For further information, please visit http://www.broadandcassel.com.