- Cost of Compliance 2021
The report reflects unparalleled interaction with the financial services industry and the frank concerns shared by practitioners, which provide a unique insight into the conditions under which compliance officers are working.
Are you prepared and ready for the future?
The use of technology and new ways of working could bring opportunities to banks amid the pandemic situation, but they could also pose new challenges which do not exist in the tradtional face-to-face environment [...] banks should be mindful that conduct and culture remains important when their staff interact with their customers through non face-to-face channels.
Is your Compliance function up to standard and ready for the future challenges?
Regulatory Intelligence has carried out its 12th annual survey on the cost of compliance, focusing on the challenges the compliance functions at financial services firms expect to face in the year ahead. The report reflects unparalleled interaction with the financial services industry and the frank concerns shared by practitioners, which provide a unique insight into the conditions under which compliance officers are working.
- 78% respondents expect regulatory information to increase in coming year
- 34% respondents outsource all or part of compliance functionality
- Reasons to a significant fall in the cost of senior staff were budget cuts (47%) and remote working (47%).
- Almost three-quarters (74%) of G-SIFIs expect more compliance involvement in assessing cyber resilience, closely followed by mitigating financial crime (65%) and assessing fintech/regtech solutions (55%).
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