In the realm of risk, compliance, governance, infosec, and leadership issues, Corporate Compliance Insights (CCI) staff have been actively sharing recent surveys, reports, and analysis to provide valuable insights to professionals in these fields. These resources offer a comprehensive look at the current landscape and trends affecting these critical areas of business operations.
One recent survey conducted by executive search firm BarkerGilmore shed light on the compensation trends for chief compliance officers (CCOs) across different sectors. The survey revealed that while CCOs at public companies and nonprofits experienced an increase in their earnings, those at private companies saw a decline in their compensation over the past year. Factoring in salary, bonuses, and long-term incentives, the median compensation for a CCO at a public company rose to $419,000, while those at nonprofits saw a 12% increase to $250,000. In contrast, CCOs at private companies experienced a 1% decline to just under $300,000. Despite the overall rise in median compensation, the increases were lower than in previous years, with economic uncertainty and budgetary constraints post-Covid being cited as contributing factors.
John Gilmore, managing partner at BarkerGilmore, highlighted that the demand for compliance professionals has rebounded in 2024, with positions opening up due to internal promotions, resignations, and retirements. He emphasized the growing importance of the compliance discipline as a risk management tool, predicting continued increases in CCO compensation in the coming year.
Moving on to the realm of artificial intelligence (AI), a survey by KPMG revealed that executives are increasingly optimistic about the potential returns from AI projects. More than three-quarters of the surveyed senior business leaders expressed confidence that generative AI investments would yield positive returns in the next one to three years. The survey also indicated a growing commitment to integrating AI into business processes and strategies, with a significant portion of respondents planning to expand the scope of their AI initiatives and invest in upskilling employees to leverage AI effectively.
Carl Carande, vice chair of advisory at KPMG, emphasized that GenAI is not just a passing trend but a transformative technology that can drive competitive advantage and business growth. He underscored the importance of investing in AI technology and talent to enhance performance, quality, and customer experience.
In the realm of regulatory compliance, an analysis by KYC provider Fenergo revealed a significant increase in fines issued by global regulators for noncompliance with AML regulations in the first half of 2024. Firms in the Asia-Pacific region saw the largest increase, with a 266% jump in fines compared to the same period last year. The analysis highlighted a continuing trend of escalating fines as regulators crack down on illicit behavior worldwide, particularly in areas such as KYC, sanctions, SARs, and transaction monitoring violations.
Overall, these surveys, reports, and analyses provide valuable insights into the evolving landscape of risk, compliance, governance, infosec, and leadership issues. By staying informed about these trends and developments, professionals can better navigate the challenges and opportunities in their respective fields. For more information and to access the detailed survey reports, readers are encouraged to reach out to CCI at [email protected].
