More than half of businesses see GDPR as biggest compliance burden
More than half (51%) of businesses lack a dedicated GDPR compliance role, despite it being seen as the single largest regulatory burden, according to a survey by CRIFVision-Net.
The poll of 550 Irish businesses has revealed a significant gap in corporate compliance preparedness, suggesting that businesses are facing an increasingly complex regulatory landscape with inadequate resources.
Other key areas of concern identified by respondents included fraud prevention (41%), financial services regulation (39%), HR and employment law (26%), and sustainability reporting (18%).
For many Irish businesses, KYC (know your customer) and KYB (know your business) requirements are becoming a growing source of pressure. The survey found 30% of companies saw onboarding obligations as a key compliance burden – suggesting that verification processes are increasingly stretching resources. As these checks become more rigorous, businesses without specialist compliance support may struggle to keep up.
The research also revealed widespread unease about the future, with nearly two-thirds (63%) of companies expecting compliance obligations to become more difficult over the next 12 months. Meanwhile, four in 10 (40%) said they were not receiving sufficient support from regulators or industry groups.
Christine Cullen, managing director of CRIFVision-Net, said: “This research highlights a worrying gap in compliance preparedness across Irish businesses. The data suggests that for many businesses, compliance is viewed as an additional task rather than a core strategic function, a mindset that may prove costly as regulatory demands continue to intensify.
“Ultimately, navigating these manifold compliance challenges starts with proactive planning, clear resource allocation, ongoing training and upskilling, and regulatory engagement to minimise such risks. Furthermore, there is an opportunity for professional bodies and industry associations to play a more pro-active role in supporting their members as they navigate new compliance legislation.
CRIFVision-Net has developed Ella, its digital compliance assistant. Cullen explained: “Ella simplifies KYC and KYB onboarding, automates verification checks, and provides real-time access to compliance data.”
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