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During the second half of 2020 Gartner Research evaluated the compliance spending of 117 organizations, and the company recently released the interesting findings. Brian Lee, Managing Vice President in the Gartner Legal and Compliance Practice explains in this podcast that their research showed that after three years of strong increases spending plateaued in 2020, no doubt due to the pandemic and ensuing budget freezes and reevaluations.
Of course, he points out, the risks didn’t freeze. In fact, the pandemic created additional risks and came with new requirements in areas like privacy and data security, which led to greater internal collaboration.
Looking deeper into the numbers Gartner found that companies made a shift in how they allocated their budgets. Personnel expenses were roughly the same but companies invested heavily in outsourced solutions, with a 15% increase in spending on technology and a 13% increase on communication and training vendors.
What else has Gartner found? Listen in as we discuss:
- An increased focus on supplier continuity and increased third-party due diligence
- An increase in the use of liaisons to supplement the compliance team
- Privacy spending increasing, and the relationship between privacy and compliance changing
New opportunities for compliance to affect and lead corporate culture.