“The COVID-19 pandemic has certainly accelerated the trend of digital adoption in the compliance space,” says Joanna Ludlam, a partner at Baker McKenzie. This finding was confirmed by 47 percent of more than 1,500 compliance leaders surveyed around the world in the law firm’s 2020 “Currency of Connection” report.
According to the Baker McKenzie survey, 41 percent of respondents reported their organizations have faced an investigation or enforcement action due to ill-considered and poorly implemented technologies.
The sector most likely to roll out new technologies was “technology, media, and telecommunications” (TMT), cited by 57 percent of respondents in this industry. In comparison, “energy and infrastructure” and “industrials” reported the pandemic has had a “relatively low impact on their digitalization plans,” the Baker McKenzie report found.
A separate industry report, “Fintech, Regtech and the Role of Compliance Report 2021,” conducted by Thomson Reuters Regulatory Intelligence (TRRI), uncovered similar findings. In that report, 70 percent of more than 400 compliance and risk practitioners surveyed said the pandemic has increased their…
