Companies are seeing new and heightened compliance risks caused by the coronavirus, but some compliance programs may be losing a step, according to a survey of compliance professionals by The Wall Street Journal.
Ninety percent of compliance professionals say their company has experienced new risks, or that existing risks have been aggravated by the pandemic; nearly half say their company has been hit by both. About 25% say their compliance programs are less effective due to the coronavirus, according to the survey.
Among the new risks and challenges for compliance officers caused by the pandemic, according to another WSJ article:
Many companies are looking to technology to boost their compliance programs and make them more resilient in the long term, according to WSJ. In fact, more than 75% of compliance professionals say they rely more on data and advanced tools to help them streamline workflows and flag new risks. About one-third expect an increase in resources next year.
What’s certain is the pandemic has laid bare the importance of a strong, durable compliance program. For now, WSJ says the trick is for compliance officers “to maintain a presence within the organization from afar–at a time when a return to normalcy is difficult to predict.”