NEW YORK and BOSTON, March 2, 2011 /PRNewswire/ -- PwC US and Compliance Week have teamed together to conduct a new study to help organizations gain a better understanding of how to address their compliance challenges. The results of The State of Compliance: 2011 study will be presented by PwC at the Compliance Week 2011 6th Annual Conference for corporate financial, legal, risk, audit and compliance officers in Washington, D.C. on May 23-25, 2011.
In this inaugural year, the study will collect and compare data from senior compliance officers at leading U.S. companies to provide perspective on how the compliance function is changing and evolving over time. Future State of Compliance studies from PwC and Compliance Week will provide a lens into the changing practice of compliance risk management over time.
"The insight gained from this crucial research will support companies in their ongoing efforts to improve and streamline their compliance capabilities" said Miles Everson, PwC principal and global and U.S. risk and compliance leader. "These results will arm compliance executives with the facts they need to make confident, risk-informed decisions."
Some of the topics senior compliance executives will be surveyed on include:
- Measurement of compliance program effectiveness - Key indicators and operating metrics regarding compliance programs
- Leadership, reporting relationships, and staffing - Overview of compliance reporting organization
- Compliance structure - Meeting frequency between chief compliance officer and board of directors or board committee
- Budget and resources - Total annual budget for compliance and related activities
"Corporations are practically crying out for data like this—something that gives them a larger context, so they can get a sense of how their own investments in corporate compliance compares against what a 'normal' compliance function looks like," said Matt Kelly, Compliance Week's editor-in-chief. "This audience needs perspective on some very large, complex investments they're trying to make. So Compliance Week and PwC are aiming to fill that void once and for all."
PwC will provide each participating company with a benchmarking report that compares the company's specific survey responses with respective industry peer group data. While initial study results and analysis will be based on data reported on or before March 18, the survey will remain open through June 30, 2011. To access the survey, go to www.globalbestpractices.com/compliance2011.
"The ability to report individual company data alongside industry and sector benchmarks is an important aspect of this study," said Everson. "This capability allows companies to do more than look at broad based averages; it allows a company to easily benchmark their organization against peer organizations in their specific industry or sector."
The results will first be announced at Compliance Week 2011, where hundreds of compliance, audit, risk and governance executives gather annually to hear about and discuss the latest challenges and advances in compliance and governance. Everson, Kelly and several compliance officers who helped develop (and then took) the State of Compliance survey will present the data and discuss its significance. Results and analysis will be published and distributed with Compliance Week's July print edition.
For additional details or to register for the Compliance Week 2011 Conference, please visit http://conference.complianceweek.com. Members of the media are welcome to apply for a free press registration.
To learn more about PwC's Risk and Compliance practice, please visit www.pwc.com/us/risk.
About the State of Compliance: 2011 Study
The study, titled The State of Compliance: 2011, is based on a survey developed by PwC, Compliance Week and an advisory committee comprised of senior compliance executives representing a cross-section of leading U.S. companies. The study will provide a "snapshot" of how leading U.S. companies organize, administer, scope and staff the compliance function.
About Compliance Week
Compliance Week, published by Haymarket Media Inc., is an information service on corporate governance, risk and compliance that features a weekly electronic newsletter, a monthly print magazine, proprietary databases, industry-leading events, and a variety of interactive features and forums. It reaches more than 26,000 financial, legal, audit, risk and compliance executives, and is based in Boston, Mass.
About PwC's Advisory Practice
PwC's Advisory professionals help organizations improve business performance, respond quickly and effectively to crisis, and extract value from transactions. We understand our clients' industries and unique business challenges, and look across the entire organization -- focusing on strategy, structure, people, process and technology -- to help clients build their next competitive advantage. See www.pwc.com/us/advisory for more information.
About the PwC Network
PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154 countries in firms across the PwC network share their thinking, experience and solutions to develop fresh perspectives and practical advice. See www.pwc.com for more information.
© 2011 PwC. All rights reserved. "PwC" and "PwC US" refer to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity.