This year, Nimonik conducted a survey of US, EU and Chinese mid-market firms (500 – 15,000 staff) who are working to improve their compliance management approaches. The report highlights that most companies are using a myriad of solutions that still have gaps. Almost all of the respondents feel they have a decent coverage of their obligations, but they recognize they need to improve their systems and programs.
One item that stood out was the cost of “surprises” – most participants indicated they had lost substantial time and resources dealing with compliance surprises. If there is one area where you are able to generate a return on investment in compliance program it is in avoiding surprises. Like quality, it is much better to get it right the first time.
You can download the report here.
You can also download the 2020 survey here.