Employers putting greater focus on compliance programs
By Amanda McGrory
Most employers at 57.7 percent expect to spend more time and resources on improving compliance programs, according to a new poll released by Deloitte.
"After years of seeing corporate America cut compliance budgets and headcounts, it's good to see that many companies seem to be getting back to investing in and continuing to hone their compliance programs in the near term," says Donna Epps, partner at Deloitte Financial Advisory Services LLP and national leader of Deloitte's antifraud consulting group. "Since companies constantly evolve and regulations change, corporate risk profiles are seldom static. But it can be a challenge to triage the areas where compliance programs aren't commensurate with organizational exposures."
According to respondents, the main concern surrounding their companies' compliance programs is the potential for management to override controls at 17.2 percent. Respondents say other troubles related to management include inadequate tone at the top at 14.5 percent and excessive pressure on unrealistic sales and performance expectations at 14.5 percent.
"Management typically has the biggest impact on compliance program effectiveness," says Robert Biskup, director in the forensic and dispute services practice of Deloitte Financial Advisory Services LLP. "We're seeing more and more management teams recognizing the importance of their actions as crucial in leading the way for corporate compliance efforts. The commitment of so many to invest in compliance in 2012 is one good example of that. If leadership makes compliance a strategic priority, chances are good that their companies' programs will be among the most effective."
Originally published on BenefitsPro.com