Rochester, N.Y., March 12, 2020 – To provide useful benchmarking information to organizations as they look to develop or enhance an effective compliance program, nationally ranked Top 50 CPA firm The Bonadio Group conducted its third survey of compliance officers. The survey revealed that 57 percent of respondents feel they do not have the resources to adequately carry out the compliance function, compared to 54 percent in the firm’s 2014 and 2016 surveys. In related data points, one in five respondents indicated that their organization does not perform an annual organization-wide risk assessment and 31 percent said their auditing and monitoring process is insufficient for an effective compliance program (though this number has improved from 42 percent in 2016).
Compliance is increasingly viewed as a valuable component, although there is still room for improvement in elevating the compliance officer role. Eighty 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,” said Paul Mayer, MBA, MPA, CHC, Executive Vice President, The Bonadio Group. “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.”
To support these organizations in their efforts to build or improve their compliance programs, The Bonadio Group hosts a variety of compliance-focused events annually. In the coming months, the firm will host its 6th Annual Compliance Boot Camps in Albany, Rochester and New York City. These full-day workshops are intended for compliance professionals of all levels of experience. Stay tuned for further updates regarding these events.
About The Bonadio Group
Founded in 1978, The Bonadio Group is a nationally ranked Top 50 CPA firm offering accounting, tax, and consulting services to clients of all sizes. The Firm’s professionals deliver practical, proactive, and innovative solutions to help clients reach their financial, compliance, management, and personal goals. The Bonadio Group is the largest independent provider of accounting, tax, and consulting services in upstate New York—with offices in Albany, Batavia, Buffalo, East Aurora, Rochester, Syracuse, and Utica. The Bonadio Group also has offices in New York City, Rutland, Vt., and Dallas. For more information, click the below to learn more.