March 13, 2012
Thomson Reuters Governance, Risk and Compliance surveyed more than 500 compliance practitioners from financial services firms around the world between November 2011 and January 2012 to canvass their views on the costs of compliance and their greatest challenges for the year ahead. The results reflect the continued focus on regulation and compliance in the aftermath of the global financial crisis and the ever-increasing complexity and volume of requirements.
This essential report covers 7 key themes:
- Tracking, analysing and influencing regulatory change
- Updating policies and procedures
- Reporting
- Alignment with other control functions
- Liaison with regulators
- Managing regulatory risk
- Financial costs and budget
Further, the Cost of Compliance Survey Special Report looks ahead to examine the greatest challenges compliance officers anticipate in 2012 and the likely impact of the regulatory change to come.
Key findings from the report include:
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84 percent of compliance professionals expect to handle more regulatory information in 2012
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More than a third of respondents spend an entire working day each week staying up-to-date with regulatory changes
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70 percent of respondents expect the cost of senior compliance staff to be higher this year
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Only 11 percent of companies expect a significant increase in their budget for compliance this year
