Legal Departments Poised to Go on Tech Spending Spree to Bolster Compliance
A Gartner report projects a 50% increase in spending on governance, risk and compliance technology by 2026—a surge sparked by rising regulatory requirements.
September 15, 2023 at 03:25 PM
3 minute read
General Counsel and In House Counsel
Legal and compliance teams, buckling under heavier and more complex reporting requirements by federal regulators, are likely to boost their spend on governance risk and compliance technology 50% by 2026, according to Gartner Inc.
The tech research and consulting firm said companies particularly need help coping with executive risk oversight and monitoring.
One regulatory initiative driving the need for "effective self-discovery" is the Justice Department's revision in January of its criminal corporate enforcement policy. It better incentivizes self-reporting of misconduct—everything from bribery to price-fixing.
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