Cost of compliance looks set to increase
NEW YORK - Compliance costs banks more and more each year - and will continue to do so, according to a new survey, Navigating the compliance labyrinth , produced by the Deloitte Centre for Banking Solutions.
Rising costs have also provoked a trend for increasing personnel to handle compliance requirements in the hope of addressing issues quickly. But in many cases this has only resulted in increased inefficiencies and more costs, says the report. Unsurprisingly perhaps, less than a quarter of respondents thought compliance efforts were always timely or effective.
"The regulatory environment has become
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