Achieving robust, yet cost-effective regulatory compliance is a challenge for general counsel. Several high profile leaks (such as the recent Panama Papers) have pushed further reforms. How then, do corporate lawyers add value to their compliance programs? The information company Legal Week Intelligence in association with Pinsent Masons sought to research how U.K. organisations manage their compliance activities. They collected one hundred responses from in-house and compliance professionals based in the U.K.
Below is a summary of their findings.
Organisations will spend more:
The increasing complexity of the regulatory environment is a fact of life for in-house legal and compliance teams. Just the sheer volume of laws that organisations have to comply with creates a challenge, as does the scope and reach. As if managing one’s own company wasn’t difficult enough, companies are increasingly being held accountable for the actions of their suppliers and other third parties. These are all reasons why that when asked if they expect their regulatory spend to increase over the next 5 years, 73% of respondents say they do.