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SOURCE The Society of Corporate Compliance and Ethics (SCCE) and the Health Care Compliance Association (HCCA)
Fifty-two percent of publicly traded companies reported spending increases in compliance and ethics in 2013, with 54 percent expecting an increase in 2014
MINNEAPOLIS, Oct. 23, 2013 /PRNewswire-USNewswire/ -- Compliance and ethics programs' budgets and staffing show steady increase and the trend is expected to persist in 2014. Job security is also on the rise along with management's perception of the value of compliance, according to a survey released today by the Society of Corporate Compliance and Ethics (SCCE) and the Health Care Compliance Association (HCCA).
"This isn't just good news for compliance programs," said SCCE CEO Roy Snell. "It's good news for business. Greater commitment to compliance and ethics programs means companies are seeing the value of compliance in mitigating their risks and avoiding the disastrous expense that comes from a compliance failure."
The ratio of compliance professionals who witnessed their budgets increase to those who saw a decrease in budget was more than three to one (38 percent vs. 12 percent); the ratio projecting an increase in 2014 was more than four to one. Increased spending on compliance was reported in 2013 by 38 percent of survey respondents, with nine percent reporting a greatly increased budget, and 29 percent seeing a somewhat increased budget.
However, increases were not evenly experienced. Healthcare reported a 35 percent increase in budgets, a much higher 41 percent of non-health care companies saw positive growth, and a whopping 52 percent of publicly traded companies reported spending increases.
"Look at the headlines of the business section and you can see the price of a compliance failure. These figures show that more companies are getting it and realizing that compliance is a good investment."
Staffing levels rose in 2013 and, again the numbers were higher outside of healthcare than inside. Rising job security is evidenced with 45 percent of respondents noting their jobs were less at risk than those of others in their organizations-at publicly traded companies that number rose to 52 percent. The economy does not appear to threaten compliance professionals' job security, with 61 percent reporting they were "not at all concerned." And again, job security was highest for survey respondents working in publicly traded companies (68 percent); the lowest job security was reported in governmental sector (54 percent), perhaps this is due to the impact of sequestration.
Following the market meltdown in 2009, the SCCE and the HCCA has periodically surveyed the compliance community on economic issues. Its goal is to determine what has happened to compliance programs and staffing, as well as projecting where budgets and staffing may go in the year ahead. This survey was conducted between July and August 2013. Click on one of the links below for complete survey report.
The Society of Corporate Compliance & Ethics, headquartered in Minneapolis, Minn., is a non-profit professional member association that serves compliance and ethics professionals globally. The association provides resources and training to compliance professionals and champions ethical practices and compliance standards. Visit the SCCE website at www.corporatecompliance.org.
The Health Care Compliance Association, established in 1996 and headquartered in Minneapolis, Minn., is a non-profit organization dedicated to improving the quality of compliance. HCCA's mission is to champion ethical practice and compliance standards and to provide the necessary resources for ethics and compliance professionals and others who share these principles. Visit HCCA's website at www.hcca-info.org.
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