“As the big firms continue to build out globally, compliance experts need to know cross jurisdictional compliance issues and have expertise in more than one area.”
Budgets and the skilled resources available to compliance functions are intertwined. Risk and compliance functions must have access to appropriate expert and skilled resources, preferably in-house, to enable the identification, management and mitigation of any and all risks arising. Key among the skill sets required for now and the future is that of data science and technology. Budgets are not infinite, and firms need to invest, and invest wisely, in suitably deployed technology to improve the efficiency and effectiveness of the compliance function and its activities.
The size of a compliance team isn’t necessarily a robust indicator of sufficient investment in the compliance function but the expectation of how the compliance team size is likely to change over the coming year highlights the likely investment and budget trend.
Compliance budgets are expected to continue growing. Over time those expecting their compliance budget to grow has remained reasonably consistent.
Respondents of the 10th annual Cost of Compliance survey report continue to foresee an increase in the cost of senior compliance staff driven by the increasing need for expert skills and knowledge needed to handle the challenges and complexity of the compliance issues facing financial services firms.
To learn more including in-depth statistics and analysis gathered from over 900 senior compliance officers in this years’ survey, download the Thomson Reuters Cost of Compliance report.
Thomson Reuters Regulatory Intelligence has published its 10th annual Cost of Compliance report by Authors Susannah Hammond and Stacey English. The report has become the trusted voice for compliance practitioners. Over the lifetime of the report there have been almost 6,000 participants and over 40,000 downloads by firms, G-SIFIs, regulators, law firms, domestic governments and consultancies. The report findings seek to help firms with planning resourcing, while allowing them to benchmark their own approach.
Download and read the full report to access the unique insight into the practical reality and challenges faced by the global financial services industry.