The overwhelming majority of corporate audit and compliance workers in large firms find the access to information to be difficult, a report from Sinequa claims.
Its survey of decision-makers across Europe also claims that 90% of information relevant to investigations and audits is hidden within unstructured sources, such as emails and documents.
As a result of the poor structure, a third of respondents in French and English-speaking areas said they spend five hours reporting assignments every day.
Some of the other finds in the report include: 12% respondents consider access to data in their organisation as easy, 73% considered qualified personnel had a direct impact on risk assessment and mapping, and 77% of respondents stated that digital tools were essential to a comprehensive risk approach.
Sinequa’s report also highlights a need for employees to be well versed in acquiring data. Despite this, 78% considered their teams to have average or poor digital skills. Furthermore, 25% felt there a was a lack of data culture.
The survey also revealed 58% of respondents did not consider their staff to be efficient in producing reports.
However, it is not all doom and gloom. A fifth of audit and compliance leaders want IT solutions that allow their teams to focus on higher-value assignments.
Finally, 25% of English-speaking respondents said intelligence tools were a strategic driver for them.
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