More than half of UK businesses reject potential clients due to a lack of visibility into risks.

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More than half of UK businesses reject potential clients due to a lack of visibility into risks.
Compliance teams remain under budget pressure image credit Shutterstock

More than half (53%) of UK businesses have been forced to reject potential customers due to a lack of visibility into risks. Some 61% say excessive workload forces them to fight fires reactively instead of proactively managing risks.

Dun & Bradstreet’s Study of Compliance Decision Makers Reveals Increased Pressure on Compliance Teams. He notes a 28% increase in demand for working time over the past year.

Compliance teams remain under budget pressure

Despite this, 55% of companies had no additional budget to devote to compliance activities. This highlights the gap between meeting an evolving regulatory landscape, budgetary constraints and the need to invest in technology to enable businesses to meet these growing demands.

The survey examines the most important future challenges of the compliance sector. It also outlines potential solutions that can help alleviate some of the increased pressure on compliance teams. It reveals that 48% of UK businesses do not have appropriate Perpetual KYC or Always-On Compliance solutions in place. 52% of compliance teams say their workload is based on inefficient manual and routine tasks.

According to more than two-thirds (69%) of respondents, leveraging technology, particularly the power of data insights, will be key to accelerating risk analysis and accelerating intelligent compliance decision-making. . 70% of UK businesses also note that automating their operations saves time and reduces costs. Respondents also highlight how the use of data and automation can enable their teams to spend more time on high-value tasks. 64% say that using automation tools for periodic checks allows them to spend time on more complex or ambiguous cases.

64% of businesses are investing in AI to streamline compliance

The Dun & Bradstreet study also indicates that 64% of respondents are investing in AI solutions to streamline compliance processes and improve risk assessment while mitigating rising costs.

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Stuart Swindell, Director of Third Party Risk Strategy and Compliance at Dun & Bradstreet, UK&I, said: “The regulatory landscape is facing unprecedented challenges as legislators continue to react and adapt in response to new technologies and a more global economy. In many cases, these regulations are necessary, as is the application of sanctions to countries like Russia in response to the conflict in Eastern Europe.

However, lack of harmonization and increasing regulatory requirements, coupled with inadequate technology, force compliance teams to invest too much time and effort in manual tasks. This not only reduces their effectiveness. This makes them vulnerable to errors and oversights, which could otherwise be avoided.

The changing challenges facing UK businesses are evident. More than half have to refuse new projects due to lack of visibility into risks. Yet, by adopting data analytics and automation, they can overcome these obstacles and make smarter decisions. This will enable a more transparent compliance process and free up time to explore growth or higher value opportunities.