Corruption Crime & Compliance NAVEX State of Risk and Compliance Programs
Is your HR department rolling their eyes at compliance? Does your company have a non-retaliation policy? The report, based on over 1,000 global responses, reveals growing maturity in compliance programs but notable gaps, such as only 61% having a hotline and 55% having a non-retaliation policy. Join us on this week’s Corruption Crime and Compliance to learn how cross-functional relationships are strong with data privacy and risk but weak with HR and finance. Michael Volkow highlights NavX's report, showing compliance's high engagement in processes like reputational harm and data breaches but often being involved late in mergers and acquisitions. Learn that common compliance issues include privacy, cybersecurity, and regulatory demands. The report also covers ESG programs and the need for better third-party risk management - tune in to hear more!
You’ll hear him talk about:
- How compliance is often brought in late during mergers and acquisitions, with 20% of respondents noting no engagement in these processes.
- Notable gaps that include only 61% of organizations having a hotline or whistleblower internal reporting channel and only 55% having a non-retaliation policy.
- How the report shows progress in the maturity of compliance programs, with half of the respondents rating their programs in the top two tiers of maturity.
- Compliance having strong relationships with data privacy and risk functions, but experiencing significant resistance from HR and finance departments.
- Half of the organizations experiencing at least one compliance issue in the past three years, with privacy and cybersecurity being the most common issues.
- Two-thirds of boards receiving periodic compliance reports, but one-third do not, highlighting a need for improved board engagement in compliance matters.
Resources:
Michael Volkov on LinkedIn | Twitter
Navex State of Risk and Compliance Report