Take processes from transactional to transformational
With legal, reputational, and regulatory risks in constant motion, chief compliance officers (CCOs) are facing higher scrutiny鈥攏ot only from regulators but also from customers, investors, employees, and senior leadership. In fact, boards of directors are the No. 1 source of compliance pressure.
That鈥檚 according to the , which found that 73 percent of CCOs are upping their compliance efforts. They expect their top challenges in the next two years to come from new regulatory requirements and data analytics for compliance monitoring and risk management.
To create a tech-enabled, data-driven compliance program, progressive companies are making managed services part of their playbook. Taking teams from passive compliance to active business enablement, leading providers bring the expertise and advanced technology to help companies:聽
It鈥檚 no wonder that, according to the , compliance is one of the top three functional areas where executives expect managed services to deliver the most value鈥攂oth today and in the next two years.
Moreover, as senior leaders give more scrutiny to compliance as a critical function, they鈥檙e also becoming more involved in the of use managed services as an alternative delivery model. Nearly 70 percent of Outlook respondents said managed services decisions are made by the C-level or board.
It鈥檚 because they increasingly see managed services as a way to drive strategic value in risk and compliance. When backed by the right combination of technology, domain expertise, and advisory capabilities, managed services take processes from transactional to transformational.
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