May 3, 2016

6 Impactful Risk and Compliance Trends From General Counsel Survey

2 minute read

Recently, Kroll surveyed over 170 corporate in-house counsel regarding risk and compliance issues their organizations are facing. The topics ranged from compliance, big data, and fraud to cybersecurity. Below are some of the interesting highlights.

  • 73% believe they do not have an effective Information Governance plan in place
  • 71% discuss their cybersecurity plan with their organization's head of technology less than monthly
  • 40% of the companies surveyed indicated that the General Counsel is responsible for risk and compliance related decision-making
  • A majority of counsel expected to spend their compliance budget on technology systems in the next 12 months
  • Initiating an information governance program ranked 2nd as the most effective action to control discovery costs in litigation
  • Only 27% responded that their organization has implemented IG policies throughout the enterprise

As you can see, there are some alarming statistics above. Despite advances made in risk and compliance and general information governance, it's clear that many corporations have some significant hurdles to overcome.

Firstly, implementing an effective information governance has proven to be an issue for a majority of the respondents. As we've discussed in the past, general counsel inclusion in data governance is critical. Getting the perspective of the general counsel is very important and in fact, as noted above, 40% of those surveyed are responsible for risk and compliance decisions.

One positive to take away from these results is the fact that initiating an information governance program was recognized as an important way to control discovery costs. These costs continue to climb as the amount of data grows exponentially.

Read more - eDiscovery: The Cost of Being Unprepared

Overall, it is interesting to see things from the perspective of the general counsel as they are an integral piece of the information governance puzzle in a large corporation. As we've discussed in the past, ensuring "buy-in" from every department is crucial to mitigating risk and compliance issues and establishing a truly effective information governance program. This can be difficult in multi-system organizations especially. 

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