According to Dun & Bradstreet’s 2018 Compliance and Procurement Sentiment Report, 93% of compliance and procurement professionals have positive feelings about the current and future efficacy of their functions. However, the increasingly complex and rigorous regulatory landscape in the United States and United Kingdom has underlined the urgent need to ensure comprehensive due diligence programs are in place.Of those surveyed, 65% said existing regulation has increased the risk to their business in the past three months. Further, 53% feel existing regulations and regulators are preventing them from doing their jobs effectively.
On the positive side, the vast majority of compliance (86%) and procurement (90%) professionals said they have enough backing to implement regulatory policies and best practices, and less than half felt that resources were a barrier to working effectively within their organization.
When asked about their top concerns for the next six months, respondents listed customer/vendor due diligence, internal training to ensure understanding of regulations, ongoing supplier and vendor monitoring, and implementing a risk-based approach.