Senior compliance professionals are more concerned with increasing challenges relating to third parties than any other risk area, according to survey findings from Compliance Week and FTI Consulting.

Regardless of company size, compliance programme maturity and industry, the majority of respondents said they expect to dedicate increased attention to third-party risk management, than to any other area listed, such as regulatory exposure, fraud and ethics.

The survey, which in addition to asking senior compliance executives to rank their top risks, examined the extent to which organisations are implementing technology solutions to solve their biggest challenges. Third-party risk management was also the top risk area for which respondents currently employ technology solutions. When asked their top priority for upgrading or implementing compliance-related technology over the next year, respondents most commonly selected reporting and dashboarding tools, indicating a need to increase visibility into the overall risk environment.

Sophie Ross, global chief executive officer of FTI Technology, said: “We are seeing more global remit and responsibilities for compliance officers. Handling that increase in demand requires technology support across the compliance lifecycle.

“Reporting and dashboarding tools provide an important baseline, as they offer awareness of activities across international regions and business functions that were perhaps not previously part of the compliance purview. Once teams can integrate critical data points about their risks and exposures into a single view, they can act on those insights to address exposures and continually improve their programs.”

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