Compliance and procurement professionals are optimistic about their roles, citing an overall positive sentiment in both the current and the future effectiveness of their respective areas of expertise, according to Dun & Bradstreet’s first-ever Compliance and Procurement Sentiment Survey. More than 90% of those polled registered a positive sentiment. This inaugural research of more than 600 compliance and procurement leaders creates a benchmark that Dun & Bradstreet will continue to monitor during 2018 to identify changes and spot emerging trends.
The survey revealed that both compliance and procurement leaders continue to be concerned with regulations. The regulatory landscape is more complex, and organizations need due diligence programs that are robust, but flexible. These teams also need to be agile enough to respond to change quickly, while still meeting requirements.
Convergence between supply risk management and compliance has continued, according to the survey. Both disciplines have similar, overlapping needs, and—in some companies—we are seeing one executive responsible for both functions. In those cases, they tend to be more successful than their counterparts.
Many organizations implement technology as part of compliance and procurement programs, but our findings revealed room for improvement. Technology was a potential barrier to success, according to survey respondents. As solutions like artificial intelligence and predictive analytics grow in importance, an organization’s due diligence program will benefit.
It’s my hope that this new research series will provide insight into the challenges and opportunities compliance and procurement professionals face.
Download the full report to learn more about the issues that matter most to compliance and procurement leaders.