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Compliance Challenges and Costs in 2022

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2022 has been an extremely staggering year so far for financial services all across the world. Still in recovery mode from the COVID-19 pandemic, the finance industry is having to dedicate more time to retaining important members of staff within their business and investing in compliance function expansion, to ensure continuous success. Furthermore, organisations are realising the importance of compliance within their business and if they do not dedicate appropriate time and resources to create a robust compliance framework with effective policies, procedures and controls, they are likely to have to rely on outsourcing.   

The data that we have used is derived from some of the most diversified financial reports so far this year. Our latest infographic summarises all of the information that you need to know.   

Sources:   

SteelEye Annual Compliance Health Check Report – This introductory Compliance Health Check Report demonstrates the vast number of challenges today’s compliance professionals face.  

Accenture Compliance Risk Study 2022 – This study focuses on compliance leaders from all financial sectors such as banking, insurance and capital markets to name a new.   

Thomson Reuters, Cost of Compliance, 2022: Competing priorities – The 13th issue of this annual report highlights the multiple difficulties compliance professionals are experiencing as they try to plan for the future.   

Key Findings:   

  • Almost 90% of financial services firms have reported increased compliance expenditure over the past five years.  
  • 9 out of 10 compliance professionals expect evolving business, regulatory, and customer demands to increase both their compliance-related and compliance operating costs by up to 30% over the next two years.  
  • 61% of compliance officers expect to increase investment in their compliance function over the next two years.
  • 75% of compliance professionals think the financial services sector is in a good position to handle more stringent regulatory rules over the next five years.  

  

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Compliance in 2021

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How can we help?   

Here at Neopay, we are leading regulatory compliance specialists that always get results. We pride ourselves in being able to offer bespoke compliance solutions to any companies that are in need of our services. If you are struggling with all of the latest compliance updates in 2022 and need some advice, contact us today to find out how our Virtual Compliance Service can assist your business. 

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