SMB Compliance Risk Management Insights

This report presents findings from the NAVEX 2024 Benchmark Survey conducted in collaboration with Harris Poll, focusing on the compliance landscape for small and medium-sized businesses (SMBs). The survey reveals that while SMBs recognize the importance of compliance in managing risks and making business decisions, they often lack the necessary resources and focus on compliance internally. A significant portion of respondents indicated that compliance is a critical area for risk management, with 77% identifying compliance risk management as a top priority. The report also highlights that many SMBs do not have a dedicated compliance function, with responsibilities often spread across multiple departments. Additionally, the survey shows that nearly a third of SMB respondents believe compliance significantly influences overall business decisions. The findings underscore the need for SMBs to enhance their compliance strategies to better manage risks and maintain ethical standards within their organizations.