Thomson Reuters Regulatory Intelligence has launched its 13th annual survey on the cost of compliance for regulated firms in the financial services industry. All information will be treated in the strictest of confidence and results will be displayed anonymously. The results will form part of a special report on the cost of compliance, which will be available to download in Q2 2022.
The cost of compliance survey report has become the trusted and acknowledged voice of the industry, and the frank concerns and views shared by participants have consistently given an insight into the reality and challenges faced by risk and compliance practitioners. The 12th annual cost of compliance report and associated infographic are available to download.
The survey questions cover the range of challenges facing compliance functions, including:
- The continuing ramifications of the COVID-19 pandemic.
- What the “ideal” compliance function now looks like.
- Regulatory change.
- The impact of technology.
- An insight into budgets.
- Culture and conduct risk concerns.
- Personal accountability.
The survey results will highlight trends and regional comparisons, allowing firms to benchmark their views against compliance peers, while gaining insights into the direction the role of compliance is taking within the industry.
The findings of the report are intended to help regulated firms with planning, resourcing and direction, and to allow them to determine whether their resources, strategy and expectations are in line with the wider industry. The experiences of Global Systemically Important Financial Institutions (G-SIFIs) are analyzed separately where these can provide a sense of the approach taken by the world’s largest financial services firms.
