More progress needed in compliance functions
LONDON - A new study on compliance by consulting firm PricewaterhouseCoopers shows that financial services firms' vision of the role and structure of the compliance function has "developed significantly on a cross-border basis".
However, the study says that "although a great deal of progress has been made in terms of articulating a sound compliance vision and establishing and/or reinforcing compliance functions in recent years, the study provided limited evidence of coherent, sustainable strategies aimed at achieving compliant business practices and processes in the longer term."
Respondents indicated that the biggest challenges to achieving compliance included the "sheer complexity of the regulatory environment" (64%)
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