Automation can provide the assurance and visibility that businesses need now to face the challenges of 2023 and beyond, and this has certainly made us think about how compliance is actually shaping up right now in terms of those challenges they are facing.
Not only are there regulatory changes that are ambiguous but the evolving threat landscape is certainly creating its own additional complications. So, it got us thinking here at QO, What’s really happening at an enterprise level and how are businesses preparing?
We decided to reach out to enterprise businesses in the UK and ask them some specific questions so that we could really interrogate where we are today and consider what needs to happen for the future.
Speaking to over 100 enterprises in the UK ranging from industries including fintech, retail, IT technology, and business professional services, we wanted to ensure that the breadth of companies we spoke to could really clarify the picture of compliance today.
Chris Audet, VP, Chief of Research and Zack Hutto Lead Analyst at Gartner recently explored this in a webinar and had conducting their own research with some interesting results and predictions for the future; “We are entering an iPod tech moment for compliance” commented Zack, referencing the moment that iPods revolutionised how we listened to music.
We also recently wrote an article focused on the power that automation can provide compliance leaders throughout the challenges of 2023 and beyond and this made us consider how businesses are actually shaping up right now. So, considering the our recent analysis and research with UK enterprise business, we decided to review Gartner’s insights and analyse whether Gartner’s research (predominately US based) matched our UK-based enterprise survey results.
When interviewing UK enterprises only 42% of businesses had accurate costs for compliance processes, so in order for the spend to triple, 58% of businesses would need to actually assess what the current compliance costs are. More worryingly, the accuracy of costs was greatly concerning in heavily regulated industries such as Financial services (only 30% actually had a handle of costs). In addition, only 36% of the enterprises we spoke to reviewed key areas of investment so right now UK enterprises are not focusing enough on the investment that is needed.
The QO view is that UK enterprises need to ascertain quickly what their spend is and whether the spend is targeted in the right areas in order to ascertain what the future budgetary requirements are.
We’ve certainly seen evidence of this with 74% of the businesses we’ve spoken to focusing on a strategy of risk reduction and 60% focusing on validating controls.
However, whilst 53% commented that they were focused on 3rd party regulatory compliance, this number is frankly not high enough with a key concern over 3rd party management definitely a massive driver in causing risk for enterprises.
The QO View? This number is going to need to significantly increase if enterprises want to take seriously their reduction of risk levels.
With only 14% of businesses stating they were in permanent state of compliance readiness, it is of no surprise that most time is spent managing current risks, despite 74% stating that they were focused on a strategy of risk reduction. 52% even commented that their current processes are manual and fragmented. When we drilled into individual industries, the statistics were even more concerning:
Whilst Audet and Hutto comment primarily on the Monaco Memo of 2022 where the Department of Justice asked compliance teams to be ready for a more “data led approach” for total regulatory compliance, it would be prudent of us to consider how this is impacting UK enterprises.
Nearly half of the businesses questioned (48%) still said there was a general ignorance of the key risk indicators, couple that with only 8% only never having to face any obstacles in maintaining regulatory compliance, we at QO are not filled with assurance that UK enterprises are ready for the future. With only 17% of businesses questioned being able to strongly agree that they have easy access to all the data they need to access, these are certainly worrying statistics as to whether they are ready to keep up with regulatory changes coming their way.
There’s still a lot of work to be done. There are early buds of hope and in some instances half the businesses spoken to are compliance ready, and ready for the rocky road ahead. But that’s not really enough. There is simply not strong enough statistics that make QO think that UK enterprises are as robust and as agile as they should be.
With spending set to rise, yet little visibility on what really needs investment and many already not focusing on the tools – for example, automation – that could support the visibility of compliance posture. With there still being some lack of understanding on the key risk indicators, much is to be done in order for us to be ready for a multifaceted attack of threats and regulatory demand. However, there is help on hand with many enterprises adopting continuous controls monitoring to ensure they have complete visibility of their compliance posture, providing them with real actionable intelligence – so maybe the iPod moment for compliance is just around the corner…..
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A very experienced and respected Senior Leadership Executive, with over 30 years’ experience in Information Technology, Information/CyberSecurity and Risk. Specialises in delivering business transformation, leading people through change and taking them on a journey to deliver and exceed company expectations. Highly regarded by his peers and colleagues across the globe. A very confident and effective communicator at CXO level, and valued as an expert presenter at numerous worldwide forums . Across his career been in Senior CISO and leadership positions in Banking, Telco, Network & Utilities, Several UK Government Departments,
Has extensive Cyber Security, Operational Risk, Compliance and Business Transformation expertise, gained across a broad range of industries. Former Director of Cybersecurity for CGI and CapGemini and Ex CISO for O2.
Will has spent the last 9-years embedded in Cyber Security working with global, household names and innovative start-ups.
Passionate about bringing people and technology together, Will has worked in various settings, helping build high-growth organisations across multiple sectors. During this time, he has built an extensive network with access to some of the best talent out there.
Outside of QO, his young daughter keeps him well on his toes!
Mark works with SMEs and charities to develop strategies to help them grow and access development capital. He is a NED, charity trustee and mentor to a wide range of people. His plural career started in 2017 after 16 years at pwc as a Deals partner working with large corporates and PE houses; at pwc he also ran the Retail and Consumer practice and was Chairman of the pwc UK Supervisory Board. Prior to pwc he was an executive director at Welcome Break and Iceland Group, and a partner at Bain and Company. He trained as an engineer at Imperial College and has an MBA from INSEAD.
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Eamon is a highly regarded and massively respected technology career professional as well as serial entrepreneur. He has started, grown and successfully taken to market three technology business.
Genuinely expert in technology, Eamon has enjoyed long-term working relationships with many of the world’s top companies and organisations in finance, banking, government, manufacturing, engineering, technology and the charities sector.
He draws on unparalleled contacts and experience and provides advice, solutions and recommendations, as well as helping respond to emergencies. Eamon has grown in-house and client teams and has a gift for hiring great people.
Peter has the ability to do what many fail to and that is to consistently bring together highly professional teams and build a business environment that is supportive, agile, professional and where everyone enjoys coming into the office.
Bringing a unique blend of business acumen and technical knowledge to the role of non-exec director, Peter has already demonstrated his ability to bring an exceptional flair for dealing with complex situations with a clear, considered approach.
Personally, Peter brings humility and a strong moral compass to the team. His disarming and self-deprecating approach wins everyone over.
Anwen has worked in B2B and B2C marketing for over 20 years. From transforming end-to-end customer journeys in retail with strategic customer-centric plans to target driven focused strategies for B2B sales. With extensive experience in digital marketing including SEO, as well as Brand development, she loves to develop a cohesive approach to brand image and communications to drive and develop the business proposition and perception.
Alice has worked in the IT industry for 20 years. Starting in Procurement, she moved into Software Asset Management before transitioning into Customer Success Management. Working across a variety of roles for different industries as both a customer and a service provider has given her a great understanding of what makes a great service. She has always been passionate about building and maintaining great customer relationships and helping her customers achieve their goals.
Owain has spent nearly a decade building software solutions and products within the cyber security sphere for the likes of government entities, large telecommunication companies, banks and card transaction companies.
This level of experience allows him to swiftly identify business and security processes that can be streamlined with automation, increase the efficiency of existing processes, as well as generate insightful data visualisations and models for members of an organisation at each different level.
Ami is a finance sector career professional, with many years’ experience working in financial services, both in London and throughout the UK. In addition to financial control, she looks after HR and legal for the company.
Being a mother of two also equips her with the basic skills required to manage a senior team of management and technology consultants.
Ami’s sense of balance and perspective is an essential ingredient of the Quod Orbis culture.
Alastair has spent the last 20 years working in Cyber Security and Risk Management. He is a passionate believer that security solutions should enable a business to take advantage of all the benefits of the digital world, while not putting the organisation’s data or productivity at risk.
Alastair has developed high-performing teams in some of the industry’s most competitive markets and launched new innovative technologies to market.
Being a rugby coach, and also having four sons at home, means he has lots of experience in keeping a passionate team in order but always has time for some fun!
Gary has 15 years’ experience in senior technology roles, and has already been closely involved in starting and taking two technology companies to market.
Totally comfortable with a fast-moving, state-of-the-art technical landscape, he helps his clients maintain and improve security and compliance.
He has a reputation for delivering pragmatic and easy to maintain solutions – business owners and managers enjoy knowing that the security and compliance is well managed and automated, properly instrumented and reported at a competitive cost point.
Honest, open, unflappable and very social, Gary is trusted by many household-name organisations to protect their, and their client’s data.
Martin is an experienced technology and organisational transformation specialist and an excellent, proven leader and communicator in mission-critical operations, particularly in security technology.
Over the past 20 years, multi-billion pound commercial organisations, including global banks, utilities and major investment funds have trusted Martin to transform their operations to meet financial, operational and compliance targets.
Martin optimises operations, managing and transforming operational teams of between 50 and 500 people, to deliver the highest levels of audit compliance, risk management and financial efficiency.
Often working with other major consultancies and suppliers for new global corporate owners or management teams, Martin will help integrate and streamline operations on a global basis.
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