More than half (53%) of UK businesses have been forced to reject potential customers due to a lack of visibility into risks, according to research from Dun & Bradstreet.

According to new research from Dun & Bradstreet, a leading global provider of business decisioning data and analytics, more than half (53%) of UK businesses have been forced to reject potential customers due to a lack of visibility into risks, with 61% saying they were excessive. workload forces them to fight fires reactively instead of proactive risk management.

The latest findings from Dun & Bradstreet’s Compliance Decision Makers Study reveal increased pressure on compliance teams, with a 28% increase in demand for their time over the past year. Despite this, 55% of companies had no additional budget to spend on compliance activities, highlighting the gap between compliance with an evolving regulatory landscape, budgetary constraints and the need to invest in technology to enable businesses to meet these growing demands.

The survey looks at the compliance industry’s biggest future challenges, as well as solutions that can help alleviate some of the increased pressure on compliance teams. The study found that 48% of UK businesses do not have suitable Perpetual KYC or Always-On Compliance solutions in place, with 52% of compliance teams saying their workload relies 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. , with 70% of UK businesses also noting that automating their operations saves time and reduces costs. Respondents also highlight how the use of data and automation can lead their teams to spend more time on high-value tasks; 64% said leveraging automation tools for periodic reviews allowed them to spend time on more complex or ambiguous cases. 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.

Stuart Swindell, Director of Third Party Risk Strategy and Compliance at Dun & Bradstreet, UK&I, said:The regulatory landscape faces unprecedented challenges as lawmakers continue to react and adapt in response to new technologies and a more globalized 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, but also makes them vulnerable to errors and oversights, which could otherwise be avoided.

The evolving challenges facing UK businesses are evident with more than half having to turn down new projects due to a lack of visibility into risks. Yet by adopting data analytics and automation, they can overcome these obstacles and make smarter decisions, which will enable a more transparent compliance process and free up time to explore more growth or high-volume opportunities. added value.