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Thomson Reuters Annual Cost of Compliance Survey Shows More Than Half of Compliance Officers Expect Personal Liability to Increase in 2014
(Thomson Reuters ONE via TheNewswire.ca) Increased cost of compliance, ongoing regulatory c...
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[{"type":"text","content":"Thomson Reuters Annual Cost of Compliance Survey Shows More Than Half of Compliance Officers Expect Personal Liability to Increase in 2014(Thomson Reuters ONE via TheNewswire.ca)\n\n\n\n\n\n \n \nIncreased cost of compliance, ongoing regulatory change and growing importance on reporting place added demands on compliance teams\n\n \n \n \n\nNEW YORK, March 13, 2014 - Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced the findings of its annual Cost of Compliance survey which revealed that 53 percent of compliance officers now feel that their personal liability has increased; a reflection of increased focus on senior individuals at the supranational level.\n\n \n\nAccording to the survey, this perceived increase in personal liability may be a contributing factor of costs associated with senior compliance officers continuing to escalate. \n\n \n\nThe findings also highlighted the diverse pressures which compliance functions continue to face, with shifting supervisory expectations, no let-up in the volume of regulatory change and the start of many of the big implementation programs for major complex legislation.\n\n \n\nThomson Reuters surveyed more than 600 compliance practitioners from financial services firms including banks, brokers, insurers and asset managers across 71 countries covering Africa, the Americas, Asia, Australia, Europe and the Middle East. It builds on annual surveys of similar respondents conducted over the course of the last five years, offering year-on-year trends and developments. Key findings from the latest report include: \n\n \n\n \n\n66 percent of respondents expect the cost of senior compliance professionals to increase in 2014. \n\n \n\n75 percent of respondents expect an increase in the amount of information published by regulators. \n\n \n\nConsistent with the previous year, 26 percent of compliance teams spent less than an hour a week amending reports for the board (26 percent in 2013). \n\n \n\nGlobally, compliance functions again reported spending very little time liaising with the internal audit function, a persistently repeated finding which is a growing cause of concern. \n\n \n\nThe number of compliance teams spending more than 10 hours a week tracking and analyzing regulatory developments has nearly doubled in both the U.S....