Increasing demands and a potential reduction in resources are the defining concerns of financial compliance professionals who took part in Thomson Reuters seventh annual Cost of Compliance Survey. Compliance professionals from more than 300 financial services firms around the world participated.
Cost of Compliance
Surveyed compliance professionals continue to express regulatory fatigue and overload, with no perceived let-up in the volume of regulatory change. Technology and cyber risks are also on the minds of survey participants.
“Over the years our survey has become a much-awaited benchmark,” co-author Stacey English, head of Regulatory Intelligence, Thomson Reuters, said. “The candid ‘real world’ feedback we elicit confidentially from participants enables the findings to be a true finger on the pulse of global compliance functions. Comparing resources, challenges and expectations against industry peers provides valuable insight and a sense of comfort for compliance practitioners and senior managers against a backdrop of rising personal liability and an evolving remit.”
The cost of compliance in the changing world of regulation