Professional services struggle keeping up with risk & compliance

: It’s ironic that professional services firms are both the largest recruiters of cyber talent, to be sold to their clients, and also struggling to get/keep their own houses in order…

The professional services industry is often tasked with keeping their clients in step with new global regulatory rules and compliance measures. However, according to a new study, ‘Insight to Action – The Future of the Professional Services Industry’, many firms are struggling to keep up with the rate of change themselves.

The results from the research, conducted by software company Deltek, show that companies across the professional service industry are struggling to remain compliant. As the regulatory landscape becomes more complex, firms have admitted that they feel unprepared for changes in compliance requirements and the risks that come from not keeping pace.

The professional services industry spans a range of professions. While it covers such a wide expanse of organisational formats, however, it seems the one constant in the sector is that its leaders are struggling to keep up with regulatory change.

Regulatory demands include quality controls on projects, segregation of activities (for instance between consulting and accounting work), data protection and cybersecurity measures. In the survey, 79% of chief finance officers in the industry said they do not think their business is prepared for this heightened level of regulatory risk. Deltek found this view was shared by 91% of chief executives surveyed.


Original article here