The State of

Regulatory compliance is a broad term used to define an ever-changing landscape that companies must navigate in order to protect their brand, business, market access and human resources. In The State of Compliance report for 2017, researchers collected data specifically to more clearly define what compliance really looks like, and to help companies develop informed, efficient and effective compliance programs. Download The State of Compliance 2017 report today for insights into the landscape, how companies structure their teams and programs, and the true costs of compliance.

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The Compliance

The collected data allows a better understanding of the evolving compliance landscape within which companies must operate. Nearly 70 percent of respondents said they were in scope of product compliance regulations, such as REACH and RoHS. Alongside Section 1502 of the Dodd Frank Wall Street Reform and Consumer Protection Act, these were the top three in-scope regulations listed by respondents.

Over 40% identified themselves as manufacturing companies

Nearly 50% of respondents were publicly traded companies

50% Over 50 percent of respondents were companies with 500 or more employees

Compliance team

Compliance has become an interdepartmental responsibility, leveraging cross-functional resources to meet requirements. Respondents listed a longtail list of departments and their functions involved in compliance. These results indicate a lack of standardization across all industries for regulatory compliance, team structure and functional organization.

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Top five departments involved in compliance programs

Your Compliance

Despite the growing power of technology and automation, compliance continues to be a largely manual process for most companies. Fifty percent of respondents indicated they managed their programs manually, while only 29 percent leverage software for automation. However, this is a changing trend as one of the top opportunities in managing compliance programs was listed as being able to manage all tools from one location.

29% of respondents are using a third-party software solution

21% of respondents use internally-developed solutions

50% of respondents indicated they continue to manage their programs manually

Your Compliance

Compliance personnel are working hard to meet their company’s requirements. Data indicates most companies have, at minimum, two full-time equivalents working on their programs, who in turn work alongside part-time resources in various departments such as legal and administration.

2,000 hrs/year The threshold for a full-time equivalent (FTE) resource.

Approximate number of hours each department contributed to their compliance programs annually

Up to $3000000 budget vs true cost disparity

The True Cost of

Data provided on how much companies spend on their compliance programs indicate a large disparity between budget lines and true costs. By leveraging data from several categories within the survey, researchers were able to estimate true costs against provided budget lines which, in some cases, resulted in a disparity of over $3 million annually.

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About the Author

Stephen Wall works as an independent researcher and strategy consultant to technology companies, including startups and Fortune 500. His work spans software, telecom, media, technology and other related industries. For clients, his work covers market research, strategic planning, competitive analysis and positioning, and go-to-market planning. He holds advanced degrees from Cornell and Boston University, and was a member of the inaugural MBA class at Cornell Tech where he was a Fried Fellow.

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