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Compliance Trends Survey 2013

Compliance Trends Survey 2013

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The 2013 Compliance Trends Survey suggests that compliance officers are making slow but steady progress toward the ideal of a strong, independent compliance function — although in many, but not all, ...

The 2013 Compliance Trends Survey suggests that compliance officers are making slow but steady progress toward the ideal of a strong, independent compliance function — although in many, but not all, industry sectors (especially the less highly regulated sectors) the size of the “typical” compliance function appears to remain relatively small in both manpower and budget dollars.

For more information, visit https://www.deloitte.com/view/en_US/us/Insights/centers/center-regulatory-strategies/256ad7d579d50410VgnVCM3000003456f70aRCRD.htm

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    Compliance Trends Survey 2013 Compliance Trends Survey 2013 Infographic Transcript

    • Center for Regulatory Strategies Insights from In Focus: Compliance Trends Survey 2013 LIFE SCIENCES VERSUS OVERALL COMPLIANCE WEEK RESPONDENTS - ROLE OF THE CCO 73% of CCOs meet with the executive committee at least once per quarter 60% 60% of CCOs meet with the executive committee at least once per quarter Life Sciences 73% Overall 45% 40% 40% of CCOs report directly to the CEO 45% of CCOs report directly to the CEO Re-assessing third-party relationships 80% of life sciences companies are increasing oversight (i.e., auditing, monitoring) with some changes to business partners 59% of the overall respondents are increasing oversight (i.e., auditing, monitoring) with some changes to business partners COMPLIANCE RISKS & OPERATIONS LIFE SCIENCES COMPANIES RANKED THE FOLLOWING REGULATIONS AS THE MOST TIME/RESOURCE CONSUMING 1. Sunshine rules on physician payments 2. Foreign Corrupt Practices Act (FCPA) 3. Good Clinical Practices (GCPs) IMPORTANCE OF A COMPLIANCE PROGRAM LIFE SCIENCES 30% 30% of the companies reported that compliance is perceived as a good “value-add” function rather than a check-the-box activity 50% of the companies reported that the importance of compliance and ethical conduct is not well 50% communicated and understood by the staff at all levels TOP 3 METRICS LIFE SCIENCES COMPANIES USE TO EVALUATE THE EFFECTIVENESS OF A COMPLIANCE PROGRAM OVERALL 41% of the companies reported that compliance is perceived as a good “value-add” function rather than a check-the-box activity 41% of the companies reported that the importance of compliance and ethical conduct is not well communicated and understood by the staff at all levels 89% 67% COMPLETION OF ANNUAL AND NEW HIRE COMPLIANCE TRAINING ANALYSIS OF INTERNAL AUDIT FINDINGS 41% 41% 56% COMPARISONS TO COMPETITORS OR SIMILAR ORGANIZATIONS OF THE COMPANIES THAT MEASURE THE EFFECTIVENESS OF THEIR COMPLIANCE PROGRAM, NONE ARE ‘HIGHLY’ CONFIDENT THAT THE MEASUREMENT OF EFFECTIVENESS IS ACCURATE EXTENDED ENTERPRISE COMPLIANCE RISKS LIFE SCIENCES 10% of the companies are not very confident that all ethics and compliance risks are addressed during due diligence in mergers and acquisitions OVERALL 77% of the companies are not very confident that all ethics and compliance risks are addressed during due diligence in mergers and acquisitions 70 70% of life sciences companies do not have any monitoring procedures to measure the impact that ethical conduct and regulatory compliance might have on the company’s brand reputation or shareholder value, while none let the marketing department take point on this issue 45 45% of the overall respondent companies do not have any monitoring procedures to measure the impact that ethical conduct and regulatory compliance might have on the company’s brand reputation or shareholder value, while 27% let the marketing department take point on this issue LIFE SCIENCES 20% of the companies monitor employees use of company email to look for potential misconduct, although 50% of these monitor only for specific individuals when there is an open investigation into possible employee misconduct OVERALL 68% of the companies monitor employees’ use of company email to look for potential misconduct, although 53% of these monitor only specific individuals when there is an open investigation into possible employee misconduct TOOLS & TECHNOLOGY 40% OF LIFE SCIENCES COMPANIES DO NOT USE ANY PREDICTIVE MODELING TECHNIQUES TO BETTER UNDERSTAND COMPLIANCES RISKS, MEASURE EFFECTIVENESS, OR DETERMINE WHERE TO DEVOTE MORE COMPLIANCE RESOURCES CONTACT To learn more, please visit: www.deloitte.com/us/centerregulatorystrategies/lshcleadership About the survey Deloitte and Compliance Week magazine collaborated to conduct a compliance benchmarking survey. Within the survey, compliance executives were asked about their compliance department’s organizational structure, current compliance industry risks and operational challenges, metrics, and tools and technology. www.deloitte.com/us/compliancetrends This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. In addition, this publication contains the results of a survey conducted by Deloitte. The information obtained during the survey was taken “as is” and was not validated or confirmed by Deloitte. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. As used in this document, “Deloitte” means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2013 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited