What Keeps Compliance and Procurement Professionals Up at Night?
Increasing regulation continues to be the chief concern for compliance and procurement professionals, while the overall outlook sentiment is positive, reports a Dun & Bradstreet study that examines the current state of the compliance and procurement functions, as measured through professional sentiment on related issues such as regulation, fraud, technology, and resources. The Dun & Bradstreet 2018 Compliance and Procurement Sentiment Report uncovers and tracks areas of short-term and long-term success and concern for compliance and procurement professionals, including:
As the regulatory landscape in the United States and UK becomes increasingly complex, more than half (53 percent) of respondents say that regulations and/or regulators are preventing them from doing their jobs effectively; while two-thirds (65 percent) say existing regulations have increased the risk to their business in the past three months. Additionally, customer/vendor due diligence is cited as a top concern impacting business in the next six months (67 percent).
Many organizations have adopted technology as part of their compliance and procurement programs, and more than three-quarters (78 percent) are familiar with artificial intelligence. But study responses indicate there is still room for improvement: 36 percent of those surveyed believe that technology is a barrier to effective performance.
Fraught from fraud.
Fifty-eight percent of respondents report their organizations had been subject to fraud in the past two years, and of this set, 88 percent share that the incident had an impact on their company's brand.
Convergence of roles.
Procurement and compliance disciplines have similar, overlapping needs. Nearly one-third (30 percent) of professionals surveyed indicate their focus spans the above areas, and of this group, 94 percent report being a key decision maker with enough or more than enough resources and support to meet policies and regulations.
Procurement and compliance professionals are optimistic about the current state and future of their disciplines today. More than 90 percent of respondents register a positive sentiment, citing feeling they effectively contribute to their organizations.