It has been 10 years since the financial crisis and the regulatory aftermath has been characterised by change, change and more change in the UK, Europe and worldwide. It has been risk and compliance officers that have risen to – and sought to manage – the continuing challenges informed by the annual Thomson Reuters Regulatory Intelligence Cost of compliance survey report.
The Cost of compliance report has become the trusted voice for risk and compliance practitioners worldwide. Over the lifetime of the report, there have been almost 6,000 survey participants and it has been downloaded over 40,000 times by financial services firms, global systemically important financial institutions, regulators, law firms, domestic governments and consultancies. This unparalleled interaction with the global financial services industry and the frank and wide-ranging concerns and issues shared by practitioners bring unique insight into the practical realities and challenges faced.
While firms deal with regulatory uncertainty, the rise of personal accountability, continuing enforcement action and the impact of technology, there is an emerging sense that firms have recognised the need for risk and compliance officers to have an enhanced role within businesses to maximise the chances of thriving in the medium term. This is even more pertinent in the UK, where the roll-out of the Senior Managers and Certification Regime is reaching its final stages with the inclusion of solo-regulated firms from December 2019.
Download the Cost of compliance report for full expert analysis and to understand how 10 years of regulatory change has impacted the cost of compliance now and in the future.
Written by Susannah Hammond, senior regulatory intelligence expert at Thomson Reuters.