Administration April 6, 2003

Fortune 1000 Execs Focus on Customers, Regulators, Risk

June 28, 2001 (PLANSPONSOR.com) - Customer satisfaction is uppermost in the minds of senior corporate executives, with regulatory compliance a close second, according to a new survey.
Reported by

Nearly all (91%) of respondents to a KPMG survey of senior corporate executives at Fortune 1000 companies rated customer satisfaction a top concern, with 83% citing regulatory compliance.

Private Parts

Privacy was ranked third (78%), cited by 19% as the top priority, while another 40% said it was very important. Keeping up with technological advances was cited by 57%, while investment in new products trailed at 29%.

While 87% of the respondents expect the number and type of privacy issues to grow over time, only about half (52%) have a full privacy policy or program in place now.

Risky Business

Over half (55%) expect high-profile lawsuits against financial services providers on the privacy issue, while 9% expect “a lot” of lawsuits and just 3% aren’t expecting any. The largest risk of loss associated with privacy was expected in:

  • 64% – damage to reputation
  • 44% – loss of customers
  • 34% – litigation.

The survey was based on interviews with 101 corporate executives for KPMG on the issue of privacy.

– Nevin Adams                           editors@plansponsor.com

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