What you told us about your Compliance challenges in 2014
Thomson Reuters’ annual Cost of Compliance survey provides insight into the experiences and expectations of compliance professionals.
This global report is driven by great level of industry participation and is intended to help regulated firms with future planning, resourcing and focus. We are grateful for respondents’ open and candid views. Participants remain anonymous but their views are crucial in helping peers’ benchmark their own firm’s practices and experiences and assess whether their resources, focus and expectations are in line with the wider industry.
Over 600 practitioners across 71 countries participated in the 2014 survey. A few of the key takeaways:
- More than half of compliance professionals expect their personal liability to increase in 2014 with 36% expecting a significant increase
- Two thirds of respondents expect the cost of senior compliance to increase in 2014 with over a fifth (21%) expecting costs to rise significantly.
- In parallel, nearly two thirds thought that the total compliance team budget would increase in 2014 and a fifth (20%) thought the budget would be significantly more in 2014.
- Over a third of firms globally spend at least a whole working day every week tracking and analysing regulatory change
- Globally, compliance functions again reported spending very little time liaising with the internal audit function. A persistently repeated finding which is a growing cause of concern.
Click on the button below to read the in-depth report.