A majority of companies plan to spend more time and resources on improving their compliance programs, according to a new poll by Deloitte.
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Deloitte Financial Advisory Services found that 57.7 percent of the 1,975 business professionals it surveyed during a recent webcast indicated they intend to spend more time and resources on compliance programs. The primary concern of 17.2 percent of the survey respondents was the “potential for management to override controls.”
In addition, 14.5 percent of the survey respondents cited inadequate tone at the top, and excessive pressure on unrealistic sales and performance expectations, as some of the other leading management-related challenges in their compliance programs.
“Management typically has the biggest impact on compliance program effectiveness,” said Robert Biskup, a director in the forensic and dispute services practice of Deloitte Financial Advisory Services LLP. “We’re seeing more and more management teams recognizing the importance of their actions as crucial in leading the way for corporate compliance efforts. The commitment of so many to invest in compliance in 2012 is one good example of that. If leadership makes compliance a strategic priority, chances are good that their companies’ programs will be among the most effective.”