Compliance departments are asking for bigger budgets, according to survey results from PwC.
Over the past 12 months, a majority of the 780 U.S. and U.K compliance executives responding to the survey said their budgets have either risen or stayed the same.
The growing budgets may ‘reflect more clout’ of compliance departments within the companies, CFO.com said.
As evidence, CFO.com said, the portion of CCOs reporting to chief executives increased to 28 percent this year from 20 percent in 2012.
Looking at larger budget requests means CFOs ‘will increasingly be asking compliance types to justify the effectiveness of, say, their Foreign Corrupt Practices Act compliance programs,’ CFO.com said.
But pressure on compliance departments is mounting.
More than half of the survey respondents said enforcement agencies and regulators would increase their demands for evidence of effective compliance in the next three years, the PwC surveyed showed.
‘Evolution of Compliance: State of Compliance Survey 2013 Results’ can be downloaded from PwC here.
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