Conducted by the 404 Institute, a think tank of Big Four accounting firm KPMG, the survey found that good compliance programs centralize controls that are preventive -- rather than detective -- in nature, and use automation to lower cost and improve efficiency.

"In this survey, executives pointed out that it is possible to do more for less when it comes to compliance," said Larry Raff, executive director of the 404 Institute and a KPMG partner. "Some companies reported reducing compliance costs by nearly a third this past year, while increasing the effectiveness of their internal controls over financial reporting."

The survey also found that integrating compliance into employees' daily operations reduces the need for full-time compliance resources. In addition, embedding compliance efforts in the business enhances internal control awareness among employees and gives internal business leaders the power and the responsibility to make it work.

"When standards are set enterprisewide and the responsibility is shared throughout the organization, everyone begins to understand the importance of internal controls. Then, compliance becomes part of the fabric of the organization, rather than something a centralized, full-time compliance team needs to police," said Raff.

He said the survey results indicate that companies can benefit when their compliance programs are collaborative -- supporting both business and compliance objectives.

"Leading companies take a broad view of risk, embedding compliance efforts within the business, for example, having compliance teams such as Internal Audit more involved in early program development rather than being brought in once controls were implemented," said Raff.