There is a significant gap in compliance industry data available in the market today. While it is important companies maintain up-to-date compliance programs to stay ahead of enforcement bodies, there is very little data available on what strong compliance in their industry vertical actually looks like.
Recognizing this gap, industry leaders in the compliance space worked with an independent researcher to identify the information that would be most valuable for informing companies’ compliance programs, both cross-vertical and cross-program.
Assent Compliance is proud to be one of these industry leaders contributing to the 2017 State of Compliance Report, released today. The report is the result of a collaboration between Tetra Tech, Ropes & Gray LLP and Assent Compliance, while Deloitte & Touche LLP served as advisors.
Does your compliance program measure up? Download the 2017 State of Compliance Report to find out.
The purpose of the survey and subsequent report is to provide companies with benchmarks to use in defining and building their compliance programs. The results and insights available in this report will guide companies when planning budgets, resourcing, building internal and external training programs, and selecting tools.
KEY TAKEAWAYS:
- Departmental involvement: Most companies involve multiple groups in compliance programming, including compliance, quality, procurement, engineering and supply chain departments. The importance of interdepartmental collaboration and information sharing is therefore evident.
- Effort allocated to compliance activities: Most companies surveyed spend some 3,200 hours on compliance per year, managed by at least two full time equivalent employees in addition to legal and administrative staff.
- Data collection: Approximately 26 percent of companies are still using manual surveys to collect supply chain data, with the top challenges being getting timely responses from suppliers and managing supplier escalations and follow-ups.
Perhaps the most significant insight from the 2017 State of Compliance Report is that, despite the burgeoning trend toward compliance automation, some 50 percent of companies are still relying on manual methods (e.g. spreadsheets) to manage their compliance programs. In consideration of the increased pressure for information on compliance by both consumers and enforcement authorities, companies are struggling to keep up with the speed and volume of compliance demands.
This is where third-party automation solutions like the Assent Compliance Platform can help.
Offering a range of modules dedicated to helping you meet your REACH, RoHS, conflict mineral, Prop 65 and other compliance needs, the ACP harnesses the benefits of compliance automation companies meet the challenges of changing regulations, efficient data collection, and effective compliance training both internally and across the entire supply chain. To learn more about how the ACP and automation can help you meet your compliance needs, visit our website or contact our experts.
To read the full 2017 State of Compliance Report, click here.
