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Compliance specialists in hot demand over increasing red tape

Posted by: Laurence Simons 18/05/16
An annual risk survey of board members and C-suite executives has indicated that their top concern is the changing regulatory environment and heightened scrutiny over compliance – for the fourth year running. The ‘Executive Perspectives on Top Risks for 2016’ report released by specialist auditing firm, Protiviti, showed that changes to regulation is an even higher concern than the growing threats in the area of cyber security.

The survey, in which 535 board members and top executives worldwide were asked to rank 27 risk factors for the coming year, shows that 60% of respondents believe that more regulatory scrutiny will have a significant impact on their business over the coming year which is likely to increase the demand for compliance recruitment. Other top threats included cyber security at 57% and privacy and identity management at 53%.

Five of the top ten risks were classified as operational risks, three as strategic risk and only two as macroeconomic factors. While the report does show that regulatory concerns are not as high as in prior years, apprehensions that heightened regulatory scrutiny may effect a company’s strategic direction, means it remains the top risk for the fourth year in a row. It is also the only risk factor to have been categorised as a significant risk in all four of the survey’s iterations.

While increasing red tape may be a concern for top executives, it’s certainly good news for compliance professionals, whose specialist skills are set to remain in exceptionally high demand.
Tagged In: Compliance
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