FARGO, N.D. & LONDON–(BUSINESS WIRE)–Today, global managed services provider Integreon released results of its 2021 Regulatory Readiness Report (“2021 Report”), its second annual survey of regulatory compliance professionals. Once again conducted by Pensar Media, the 2021 Report polled over 200 regulatory compliance professionals at US and UK corporations and law firms.
The pressure is on. The 2021 Report found that 70% of corporations do not completely agree that they have adequate resources and budget to achieve regulatory compliance. Corporate compliance budgets were spread more thinly in 2021, with minimal spending. Technology investment captured 26-50% of the budget for many respondents, likely a direct effect of data security concerns and the Covid pandemic which forced most businesses into work-from-home mode.
On the law firm side, 62% responded they are under client cost pressures when delivering legal services in support of regulatory change. 42% of law firms responded to those pressures by using outsourced alternative legal service providers (ALSPs)…
