As the financial world gets more and more regulated, organisations are facing greater burden and stress to keep up with the pace of alterations and to comply with the evolving regulations. Tightening of risk and compliance budgets, regulatory and cultural change and the possibility of increasing personal liability, are just a few of the challenges faced by financial organisations.
Compiling data from some of the most comprehensive global financial reports, we’ve produced the below infographic summarising some of the top compliance challenges being faced this year.
The data was gathered from the following reports:
Thomson Reuters, 2020 Cost of Compliance – This report generated responses from more than 750 risk and compliance practitioners worldwide, representing global systemically important financial institutions (G-SIFIs), banks (including challenger banks), insurers, asset and wealth managers, broker-dealers and payment services providers.
LexisNexis, True Cost of Financial Crime Compliance Study 2020 – A comprehensive survey conducted among 898 financial crime compliance decision makers across the globe.
Duff & Phelps, Global Regulatory Outlook 2020 – This report surveyed 240 senior executives working in financial services across banking, asset management, hedge funds, private equity, broker dealers and a range of other businesses from the U.S., UK, Asia and a number of other jurisdictions.
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