A few survey from the Bonadio Group found that 57 percent of responding compliance officers feel they do not have the resources to adequately carry out the compliance function. That’s compared to 54 percent in the firm’s surveys conducted in both 2014 and 2016. The Bonadio Group conducted its third survey of compliance officers “to provide […]
A few survey from the Bonadio Group found that 57 percent of responding compliance officers feel they do not have the resources to adequately carry out the compliance function.
That’s compared to 54 percent in the firm’s surveys conducted in both 2014 and 2016.
The Bonadio Group conducted its third survey of compliance officers “to provide useful benchmarking information to organizations as they look to develop or enhance an effective compliance program,” the firm said in its survey report.
The Bonadio Group — headquartered in Rochester with an office in Syracuse — describes itself as a “nationally ranked Top 50 CPA firm.”
In related data points, one in five respondents indicated that their organization does not perform an annual organization-wide risk assessment. At the same time, 31 percent said their auditing and monitoring process is “insufficient” for an effective compliance program, though the figure has improved from 42 percent in 2016, the accounting firm said.
Compliance is “increasingly viewed as a valuable component, although there is still room for improvement in elevating the compliance officer role,” Bonadio said.
The survey found 80 percent of compliance officers said they are part of the senior leadership of their organization, and 76 percent said they are involved in organizational strategic planning.
Additionally, 78 percent of compliance officers surveyed reported that they have been working in the compliance field for more than four years, up from 71 percent in 2016, “demonstrating the maturation of the compliance field and the experience level of compliance officers.”
At the same time, 65 percent of compliance officers reported that their organization does not have a succession plan in place for the compliance function.
“The roles and responsibilities of compliance officers are growing each year as risk factors increase and the regulatory landscape shifts,” Paul Mayer, executive VP at the Bonadio Group, said in the report. “While we’re encouraged to see most compliance officers are considered strategic partners by their organizations, there are significant opportunities for organizations to fortify their risk assessment and management strategy.”
The survey, which was conducted between October and December 2019, had 139 responses, the firm tells CNYBJ. It was sent to organizations across the country, Bonadio added.
About the firm
Founded in 1978, the Bonadio Group offers accounting, tax, and consulting services to clients of all sizes. The firm says it is the “largest independent provider” of accounting, tax, and consulting services in upstate New York — with offices in Rochester, Syracuse, Utica, Albany, Batavia, Buffalo, East Aurora, and New York City.
The Bonadio Group also has offices in Rutland, Vermont and Dallas, Texas.