Cost of Compliance Report 2020: COVID-19 Update

By Susannah Hammond and Mike Cowan, Regulatory Intelligence, Thomson Reuters

In addition to this year’s 11th Thomson Reuters Regulatory Intelligence Cost of Compliance Report, that closed before the widespread impact of the COVID-19 pandemic had become apparent, we have undertaken a further survey and report, to understand how financial services firms are responding to COVID-19.

The results of this interim report, Cost of Compliance Report 2020: COVID-19 Update, are considered alongside those of the 11th Cost of Compliance report itself.

Together both reports provide a perspective on the following key topics:
 

  • Challenges in the coming year for boards and compliance functions 
  • Culture and conduct risk concerns 
  • Budgets 
  • Personal liability 
  • Technology and outsourcing
  • Concerns Arising as a Result of Covid-19

“2020 marks 25 years since the collapse of Barings Bank and it would seem that everything and nothing has changed in financial services.”

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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.

Susannah Hammond is a senior regulatory intelligence expert and joined our regulatory intelligence team from GE Capital Bank where she was head of compliance. Susannah has over 25 years’ wide-ranging experience in international and UK financial services.

A qualified chartered accountant, Susannah’s compliance career includes SG Warburg, Caspian Securities and PricewaterhouseCoopers. She was head of international regulatory risk for the Halifax Group and became head of retail regulatory risk for HBOS plc upon Halifax’s merger with Bank of Scotland.

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