However, Rignall said Australia is yet to legislate mandatory compliance.

"Relevance for compliance will be driven by corporate headquarters' demands and global trade requirements," he said.

"If companies want to do business with a multinational corporation or trade with an overseas company they have to meet minimum standards. Assurance must be given to customers and partners that you can work at the same level."

The survey found IT will have a major role to play in meeting regulatory compliance standards.

More than three quarters of CIOs in the Asia-Pacific region indicated that compliance will be one of their top IT objectives to implement and maintain regularly over the next year.