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Posted On:
January 24, 2023

State of the Compliance – 2023

Question 2: In which areas of compliance will your organization prioritize resources and effort in 2023?

When the going gets tough, where do the tough get going? – Setting priorities and focus for 2023

Summary – Emerging risk portfolio from IT, Data and ESG is top of mind, while the hands are busy across the board

  • Almost 70% of the organizations feel that data privacy laws and regulations are amongst the top 2 priorities for their organization in 2023. Coupled with almost 65% classifying Information Security laws and standards as one of their top 2 priorities. In 2023, organizations are most concerned about IT and Data related risks.

  • This also means that compliance functions will continue to interact more regularly and deeply with CIO/CISO’s office in 2023.
  • 68.75% of the organizations have classified ESG as a top 3 priority, though almost 50% said it is either priority 2 or 3, this implies that while ESG is a critical concern, companies feel they have a longer runway to address this priority.  
  • 50% feel product compliance is one of their top 2 priorities, while 50% feel that it is in their bottom 3 priorities. The fact that product compliance is so core to FIs and yet the distribution is so uniform, shows that newer compliance areas occupy more mind share but resources might still be consumed within product compliance functions.

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