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Modernizing compliance: A tech lens on value protection and creation

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Almost half (48.3 percent) of risk and compliance, internal audit, C-suite executive and board professionals plan to modernize their compliance functions by changing core compliance execution practices during the next 12 months, according to a recent Deloitte poll. Meantime, resource levels for compliance teams are expected to increase (27.5 percent) or stay flat (37.6 percent) in the year ahead for the majority of organizations.

https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/nearly-half-of-orgs-plan-compliance-modernization-in-year-ahead-deloitte

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Modernizing compliance: A tech lens on value protection and creation

  1. 1. Modernizing compliance: A tech lens on value protection and creation Deloitte poll results from June 2018
  2. 2. Modernizing compliance: A tech lens on value protection and creation Copyright © 2018 Deloitte Development LLC. All rights reserved. 2 Methodology Professionals in compliance / regulatory (22.4 percent), internal audit (31.8 percent) and risk management (12.3 percent) or holding C-suite or board (32.3 percent) roles participated in a Deloitte Dbriefs webcast, titled “Modernizing compliance: A tech lens on value protection and creation,” on June 14, 2018. Answer rates differed by question. Data totals for certain questions may not equal 100.0% due to the rounding of raw data to the nearest tenth of a percentage. 420+ 2
  3. 3. Modernizing compliance: A tech lens on value protection and creation Copyright © 2018 Deloitte Development LLC. All rights reserved. 3 How would you describe your organization’s current compliance and regulatory efforts? Findings over time Votes received: 706 (March 2017); 637 (June 2018) 11.5% 17.6% 51.8% 10.9% 18.3% 54.8% Value-creating: Compliance team is seen as a strategic advisor that offers predictive insights and greater efficiency through the use of RegTech (cognitive compliance, risk sensing, automation/robotics, etc.) Modernized: Compliance team uses advanced analytics, and is involved/integrated in strategic decision-making Foundational: Compliance team is focused on preventing, detecting, responding to and remediating risk, offering backward-looking analysis and reports, leveraging no analytics or RegTech tools Jun-18 Mar-17 Don’t know / not applicable=16% (March 2017); 19.2% (June 2018)
  4. 4. Modernizing compliance: A tech lens on value protection and creation Copyright © 2018 Deloitte Development LLC. All rights reserved. 4 Does your organization plan to change core compliance execution practices (e.g., technology and predictive analytics; rationalizing roles and responsibilities; process reengineering) in the next 12 months? Votes received: 631 Don’t know / not applicable=26.6% 48.3% plan to do more Yes-we plan do to more through rationalizing roles and responsibilities and process re-engineering/organization redesign, 16.5% Yes-we plan do more through technology and predictive analytics, rationalizing roles and responsibilities and process re-engineering/organization redesign, 15.8% No plans to change, 25% Yes-we plan do to more through process re- engineering/organization redesign only, 16%
  5. 5. Modernizing compliance: A tech lens on value protection and creation Copyright © 2018 Deloitte Development LLC. All rights reserved. 5 Who is most responsible for executing compliance (e.g., performance of risk assessments, performance of testing and monitoring, etc.) in your organization? Votes received: 619 Don’t know / not applicable=14.7% 24.9% 26.0% 34.4% First line of defense-business units, their professionals, and centers of excellence Second line- independent risk management and compliance functions First and second line are equally responsible
  6. 6. Modernizing compliance: A tech lens on value protection and creation Copyright © 2018 Deloitte Development LLC. All rights reserved. 6 Compared to 12 months ago, how would you describe the interaction model for your compliance and IT teams today? Votes received: 545 Don’t know / not applicable=21.3% Compliance and IT working more closely together No change in how compliance and IT work together Compliance and IT working less closely together 37.4% 34.5% 6.8%
  7. 7. Modernizing compliance: A tech lens on value protection and creation Copyright © 2018 Deloitte Development LLC. All rights reserved. 7 Will your organization change compliance function resource levels (financial and talent investment) in the next 12 months? Votes received: 426 Don’t know / not applicable=29.8% Yes-- Increase No change Yes-- Decrease 27.5% 37.6% 5.2%
  8. 8. Modernizing compliance: A tech lens on value protection and creation Copyright © 2018 Deloitte Development LLC. All rights reserved. 8 Media contact Shelley Pfaendler Public Relations Deloitte Services LP spfaendler@deloitte.com Full press release available on Deloitte.com 8
  9. 9. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms. Copyright © 2018 Deloitte Development LLC. All rights reserved. The statements in this report reflect the aggregation of poll responses and are not intended to reflect facts or opinions of any entities. All data, charts and statistics referenced and presented, as well as the representations made and opinions expressed, unless specifically described otherwise, pertain only to the participants and their responses to the Deloitte poll. The information obtained during the poll was taken “as is” and was not validated or confirmed by Deloitte. This presentation contains general information only and Deloitte is not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation 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. Deloitte shall not be responsible for any loss sustained by any person who relies on this presentation.

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