Firms expect another year of increased regulatory transformation which will require more time, effort and money in order to manage the avalanche of changes, finds the second annual Cost of Compliance Survey for 2011 conducted by Thomson Reuters' governance, risk and compliance (GRC) business.
Of the 337 global compliance professionals who responded to the survey, 71% said they foresaw that an increase in time and resource would be required to work with regulators and exchanges to ensure they were adequately prepared to meet regulatory requirements. The survey also highlighted the need for financial services firms to make sure that compliance functions operated in tandem with internal audit, risk and legal functions to ensure that there was a consistent and integrated approach to risk identification, management and mitigation.
"The successful management of risk while encouraging innovation is crucial for all financial services firms in all jurisdictions, and compliance officers must be at the forefront of assisting boards to deliver robust, consistent and demonstrable risk management," says Chris Pilling, senior vice president (SVP), for regulatory risk and compliance for Thomson Reuters GRC.
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