Susannah Hammond & Mike Cowan
For 11 years our Thomson Reuters Regulatory Intelligence Cost of Compliance Report has given an unparalleled insight into the challenges facing risk and compliance officers in financial services firms around the world.
This year a tightening of risk and compliance budgets, regulatory and cultural change and the possibility of increasing personal liability all provided evidence of a cyclical turn from the post-financial crisis years. It is too early to tell how COVID-19 will influence that inflexion over the long term, but already regulators are issuing a flurry of revisions to rules, and firms are asking for the postponement of various regulatory initiatives so they can focus on managing events.
The report findings seek to help firms with planning and resourcing, while allowing them to benchmark their own approach. This year’s edition closed before the widespread impact of the COVID-19 pandemic had become apparent; thus, the report analyzes both the survey responses and, in an additional dedicated section, looks in more detail what better risk and compliance practice will look like in the face of continuing uncertainty.
In addition the report covers the following key topics:
- Challenges in the coming year for boards and compliance functions
- Culture and conduct risk concerns
- Personal liability
- Technology and outsourcing
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This report was written by Susannah Hammond and Mike Cowan, members of the Thomson Reuters Regulatory Intelligence team in London. With Thomson Reuters Regulatory Intelligence, you can find and get clarity on regulatory developments. It is your first step in your regulatory compliance program, because it allows you to track, flag and share regulations.