Seven Recommendations for a New Era of Compliance
Take a more proactive approach to managing the complexity of compliance.
Growing scrutiny from regulators and the continuing economic uncertainty are forcing companies to renew their focus on enterprise risk management, according to a new report from Aberdeen Group.
The fact that regulators are more focused on risk and the way corporations address it is not new. That has been happening since the economic downturn began. But now that the Dodd-Frank Wall Street Reform and Consumer Protection Act is law, regulators are going to do more than just talk about the need for better risk management.
Apparently, corporate America realizes that. In its survey of more than 200 companies around the world, Aberdeen Group found that 80 percent of respondents are paying more attention to risk and the roles it should play in strategic planning and performance management, as well as in operational processes. In a press release at MarketWatch, Aberdeen Group SVP David Hatch explained:
By integrating risk information into strategic planning, capital allocation, core decision-making and performance management, top performers gained a 17 percent improvement in effectiveness of risk detection and assessment year over year: 7 percent higher than all other companies.
"The Executive Enterprise Risk Management Agenda: Mitigate Risk, Improve Performance" is available for free download (registration required) through November.