Regulation becoming a burden for procurement professionals
Increasing regulation is becoming a major problem for procurement and compliance professionals, a study for Dun & Bradstreet suggests.
It surveyed more than 600 professionals in the UK and US and found that 53 per cent said regulations (and/or regulators) are stopping then doing their jobs effectively, while 65 per cent said existing regulations have increased the risk to their business in the past three months.
Malory Davies, Editor.
And 67 per cent said customer/vendor due diligence is their top concern in the next six months.
Perhaps surprisingly, the respondents are optimistic about the current state and the future of their disciplines today. More than 90 per cent of respondents registered a positive sentiment, citing feelings they believe they effectively contribute to their organisation.
The study also showed up some significant differences between the priorities for compliance and procurement professionals in the UK and US. In the UK, the top priority is “Laws and regulation”.
Quite possibly, this another indicator of the Brexit effect – certainly it is much more of a concern here than in the US where the top concern is “Vendor management”.
Dun & Bradstreet’s “Compliance And Procurement Sentiment Report” will be updated periodically.
With Brexit negotiations now starting to move to the really tough trade issues, it will be instructive to see how this impacts on procurement professionals.