In June 2011 Mallesons conducted an online survey of corporate counsel across a wide variety of industries. The survey asked corporate counsel about the issues and challenges they are facing in the current regulatory environment.  The results, compiled in the Compass Report released on 26 August 2011, are based on the responses provided by over 370 corporate counsel across more than 20 industries. Concern around the increasing risk of exposure to regulatory action from the Australian Competition and Consumer Commission (ACCC) was one of the key issues identified by corporate counsel in the Compass survey, along with: (i) the expanding role of corporate counsel, including their growing role as strategic advisors to the business on a variety of issues and an emphasis on legal risk management; (ii) the additional pressures of regulatory and legal developments; (iii) industry specific regulation and compliance; and; (iv) the need for harmonisation of federal/state and territory laws, and the reduction of red tape.