Cost of compliance growing
Compliance teams are being stretched to the limit as they try to keep up with the growing demands of global regulation, according to a new survey by Thomson Reuters Governance, Risk & Compliance.
The survey of more than 500 compliance professionals at financial services companies around the world found that:
– 84 percent of compliance professionals expect to handle more regulatory information in 2012
– More than a third of respondents spend an entire working day each week staying up-to-date with regulatory changes
– 70 percent of respondents expect the cost of senior compliance staff to be higher this year
– Only 11 percent of companies expect a significant increase in their budget for compliance this year
A complete copy of the report can be downloaded here