Have you noticed a recent uptick in compliance violations? Our research shows that nearly three-quarters (67%) of businesses reported they’ve had more data privacy violations in 2024 than last year. Plus, 64% have seen an increase in financial accounting and tax compliance violations and 53% have had more sanctions violations. Compliance is a complex balancing act that can come with major consequences for your business. Get it wrong and you could face fines, legal trouble and reputational damage: all of which could contribute to lost revenue. In this research study, we’re taking a deep dive into the compliance maturity level of businesses, what’s causing compliance failures and more.
Weak compliance leadership and haphazard monitoring are to blame for compliance failures.
Half (50%) of US businesses cited a lack of compliance leadership and direction as the primary reason for compliance failures. Another 14% believe a lack of continuous monitoring is to blame.
Continuous compliance is a rare occurrence.
Our study found that 50% of businesses only check customers for potential compliance violations at the start of the relationship/contract, while 18% only do so if they suspect something could be wrong. Only 26% of businesses continuously monitor customers for compliance issues throughout their lifecycle.
Companies are letting relationships override compliance policy.
A whopping 79% of businesses admitted they’ve chosen not to run a compliance check on a customer or supplier because they had a good relationship with them. This could explain why 50% of the respondents admitted to missing up to 15% of potential violations by their customers and suppliers.
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