Compliance budgets, staffing brace for impact of recession prep efforts

Nearly two-thirds of compliance professionals said their businesses are bracing for an economic recession and the financial turmoil it could bring, according to Compliance Week’s “Inside the Mind of the CCO” survey.

About 64 percent of respondents said their companies were anticipating a recession and already implementing cost-cutting measures. One chief compliance officer from the healthcare industry said their organization was “actively looking for cost reductions,” while a compliance manager in technology said their business was undertaking a “review of all current processes.”

“(We) must show a ‘Wall Street’ ability to sustain profitability during a recession,” commented an information security officer from a consultancy.