Cost of Compliance Report 2020: COVID-19 Update
(Sponsored article) For 11 years our Thomson Reuters Regulatory Intelligence Cost of Compliance Report has given an unparalleled insight into the challenges facing risk and compliance officers in financial services firms around the world.
In addition to this year’s report, that closed before the widespread impact of the COVID-19 pandemic had become apparent, we have undertaken a further survey and report, to understand how financial services firms are responding to COVID-19.
The results of this interim report, Cost of Compliance Report 2020: COVID-19 Update, are considered alongside those of the 11th Cost of Compliance report.
This year a tightening of risk and compliance budgets, regulatory and cultural change and the possibility of increasing personal liability all provided evidence of a cyclical turn from the post-financial crisis years.
Regulators are issuing a flurry of revisions to rules, and firms are asking for the postponement of various regulatory initiatives so they can focus on managing current events.
This report findings seek to help firms with planning and resourcing, while allowing them to benchmark their own approach. The report analyses both the survey responses and, in an additional dedicated section, looks in more detail at what better risk and compliance practice will look like in the face of continuing uncertainty.
Together both reports provide a perspective on the following:
- Challenges in the coming year for boards and compliance functions
- Culture and conduct risk concerns
- Budgets
- Personal liability
- Technology and outsourcing
- Concerns Arising as a Result of COVID-19.
————————————————————————————–
Thomson Reuters is a leading provider of risk and compliance solutions for accounting, tax and corporate professionals.
