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ACC Managed Services survey findings highlight legal and compliance challenges organizations are facing as risks rise in a complex regulatory environment.
In brief
Large and small organizations are both struggling to keep pace with the constant rollout of new regulations in the geographies where they operate.
Legal operations, data privacy, ethics and compliance, third-party due diligence, investigations emerge as most relevant managed services for next two years.
In addition to time and resources, organizations are incurring heavy costs to remain compliant.
The seismic shift brought about by the pandemic and ensuing geopolitical tensions has restructured the business landscape and altered the working world, as we know it. After two years of operating in survival mode, organizations are now making strides toward recovery and revival.
During this challenge to traditional working methods, EY teams commissioned a survey among Members of the Association of Corporate Counsel to assess their inclination toward adopting a managed services model for the delivery of core legal services.
50%
respondents have considered using a managed service to address their whistleblowing needs
The objective of the survey was to understand how open respondents were to the idea of outsourcing their tactical tasks to a team of experienced professionals, whether their perception had changed over the years and, if so, what caused it. Fundamentally, we wanted to evaluate whether leaders of the legal function could see such a model driving tech innovation, whilst identifying areas where its implementation would be most beneficial.
29%
identify managing the changing regulatory environment as the biggest challenge in their current role
One of the key findings of the survey indicates that the major areas of concern for businesses have changed post-pandemic. Legal operations, data privacy, ethics and compliance, third-party due diligence, and investigations have been identified as the five most relevant managed services by organizations for the next two years. However, most organizations conveyed their reluctance in adopting a managed services model over perceived high costs and concerns about losing control.
58%
plan on driving technological innovation across their organization's legal and compliance function using off-the-shelf tools
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More than half of respondents said they would prefer buying off-the-shelf tools to meet their regulatory demands and technological needs rather than investing in developing technologies in-house or employing a managed services model.
This short report explores these issues in more detail and highlights that there is a gap between demonstrating the cost-effective efficient handling of tactical tasks that a managed services model facilitates and understanding the benefit of allowing in-house teams to focus more on strategic tasks.
As legal and compliance risks continue to rise, compliance and general counsel can benefit from the opportunities managed services afford if they know about them and have a clearer understanding of how managed services can deliver the right balance among risk, cost and value.
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