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Top priorities for legal, compliance and privacy leaders in coming year
Enhancing personal influence on company strategy is shaping up as essential in the near future, according to new research.
Grace Robbie
A recent survey conducted by Gartner has unveiled the top five priorities that legal, compliance, and privacy leaders want to achieve for the remainder of 2024 and beyond.
After that, the leaders considered strengthening third-party risk management (TPRM) processes as their next top priority, with 40 per cent of the respondents identifying this as one of their top five priorities. However, only 6 per cent expressed it as their top priority for the year.
Stuart Strome, the research director for Gartner’s legal, risk and compliance practice, stressed that this has become a more significant priority for such leaders due to stricter environmental sustainability and human rights standards being brought about.
“Stakeholder attention on TPRM is being driven by more stringent environmental sustainability and human rights standards prompted by the Corporate Sustainability Reporting Directive (CSRD), SEC Regulation S-K, and Germany’s Supply Chain Due Diligence Act,” Strome said.
“Legal and compliance leaders know they must improve existing TPRM programs or develop a TPRM program to manage the new associated risks.”
In the survey, legal, compliance, and privacy leaders identified the development of a strategy that aligns with new regulatory requirements as the third-most frequently cited priority. Thirty-nine per cent of the surveyed leaders identified this as one of their top five priorities, with 12 per cent highlighting it as their primary focus for 2024.
Developing guidance to help the business achieve a better balance between risk and business benefit was also identified as a top priority by those surveyed. Thirty-seven per cent of respondents mentioned it as one of their top five priorities, with 8 per cent indicating it as their top priority for the year.
The final priority identified by those surveyed by Gartner was the need to design and create compliance training that is more tailored to employee needs. Thirty per cent of the respondents identified this as one of their top five priorities, with 6 per cent revealing it to be their main priority.
Strome underscored the importance of enlisting support from colleagues within the organisation to assist legal, compliance, and privacy leaders in addressing the top five priorities they have identified. This call for assistance stems from recognising that these leaders lack the necessary resources and insights to manage and overcome these pressing matters independently.
“Legal and compliance leaders have neither resources, expertise, nor visibility into the business to manage the impacts of geopolitical tensions, or new technologies such as generative AI, alone. They must prompt others in the business to do more to own these risks,” Strome said.
