Companies' Pandemic Impulse Tech Buying May Bring Future Regulatory, Compliance Problems
A new survey from Baker McKenzie found that while companies have increasingly looked to technology to help mitigate the business obstacles imposed by COVID-19, compliance personnel may not be getting the opportunity to consult on new purchases before they potentially trigger regulatory problems.
November 19, 2020 at 03:06 PM
4 minute read
The pandemic may be putting compliance professionals into conflict with the rest of a company's more business-focused units. A new survey from Baker McKenzie titled "The Currency of Connection: Mobilizing Technology for Compliance Integration" indicates that while companies are spending on technology to help manage the impact of COVID-19, they are often doing so without the input of their compliance personnel.
Responses from the survey were solicited from 1,550 compliance leaders working across 18 global markets and six industry sectors. Almost half, 47%, of respondents said that their organizations accelerated adoption of digital tools and products due to the pandemic. Much of that activity may have to do with the rapid transition to remote working that many companies undertook back in the spring.
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