Opinion research was conducted on behalf of Baker McKenzie in summer 2020 amongst 1,550 companies with turnover of USD1 billion or more.
Study participants were a representative sample of senior compliance leaders (head of compliance, chief compliance officer) across 18 global markets: USA; Brazil; UK; Germany; France; China; Singapore; Saudi Arabia; Qatar; Kuwait; Iraq; Egypt; Nigeria; Kenya; Ghana; Ethiopia; Cote D’Ivoire.
Participants were drawn from the following sectors: industrial and automotive; consumer goods; energy and infrastructure; financial institutions (FI); healthcare and life sciences (HLS); and technology, media and telecoms (TMT).
The full research report can be found here.
We asked participants about their approaches to compliance and compliance technology and surveyed the level of connectedness across four critical dimensions:
- Collaborative: Compliance is integrated with and understood by the rest of the organization.
- Agile: Complex regulation can be addressed quickly and effectively across the whole organization and its supply chain.
- Strategic: Compliance makes an impact beyond compliance operations: compliance and growth strategy are aligned.
- Effective: Compliance is operationally effective and continuously improving.
Using the data, an online tool has been developed to provide companies with a benchmark of their own compliance compared to others in their industry as well as particularly successful tech-enabled functions.
Logic and Scoring
Each of the dimensions is equally weighted and therefore worth 25% of the overall score.
The overall Connected Compliance Score (CCS) measures compliance performance –– the extent to which corporates connect compliance across their organization and leverage compliance technology to manage risk and achieve competitive advantage.
The CCS is the mean average of the sum of the scores in the four dimensions.
Successful tech-enabled organizations were defined as companies that:
- Report higher performance than others for anticipating new regulatory risk using technology;
- Are more likely to effectively use technology refocus on strategic compliance matters;
- Spend a higher proportion of time advising on compliance innovation, improvement and technology.