88% of Compliance Leaders Still Face Obstacles in Implementing & Growing Security Compliance Programs
The last year has catapulted Security Compliance to a board and executive-level priority like never before, as companies put a growing emphasis on customer trust. However, new data released by anecdotes, the first operating system (OS) for Compliance, found that an alarming lack of resources and technology still limits success for Compliance leaders.
According to the report, which analyzed responses from Compliance leaders from hyper-growth and publicly traded technology startups, 88% of respondents face a multitude of obstacles when implementing and growing their Security Compliance programs. These challenges include a lack of manpower (47%), automation (42%) – a factor specifically labeled as the single greatest cause of delays in the entire audit process – and budget (29%).
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While Compliance can serve as a critical component to building trust with shareholders, customers, and end-users – and 42% of respondents from large companies recognize it as a growth accelerant – 25% of overall respondents feel that their leadership views them as a burden. That number is even higher among Compliance leaders at smaller companies (31%), where less than one-third view Compliance as a business enabler. These numbers are alarming as 45% of respondents indicated they’d consider leaving their workplace if management did not recognize the value of Compliance.
“Our findings expose the harsh reality for Compliance leaders and the repercussions if things remain status quo,” says Yair Kuznitsov, CEO and co-founder of anecdotes. “Compliance has become – though it isn’t always recognized as – one of the most important factors to operational health, reputational maintenance, and sustainable and scalable growth. By not prioritizing the needs of Compliance leaders, including providing the technology, resources, and opportunity to have a seat at the table, companies will ultimately run into operational and performance issues in every customer-facing department, and as a result, harm the entire organization.”
The research findings indicate ways companies can begin to alleviate Compliance leader pain points, with innovative technology and automation solutions at the forefront. Sixty-four percent say that leveraging automation is necessary for improving Compliance programs, and 60% believe this will help reduce the time wasted in repeating the same tasks for different frameworks and support cross-framework mapping.
Continues Kuznitsov, “The majority of the Compliance industry is still reliant on outdated and time-consuming manual efforts that their companies have limited them to and that have left them unnecessarily shackled in our digital world. Automation and technology that can leverage their data, streamline processes, and scale alongside their own growth will be essential to unlocking newfound opportunities moving forward.”
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